Raiz’s revenue up 29% on PCP to $5.6 million

Raiz’s revenue up 29% on PCP to $5.6 million

Revenue from Raiz’s Australian operations increased by 2.2% QOQ (29.4% YOY) to $5.4m. Active Customers increased by 3.7% QOQ to 303,938 and total FUM was $1.34 billion at 31 March 2024, up 10.5% QOQ and up 21.4% YOY.

Raiz is focused on increasing the lifetime value of customers by developing customer-centric products to help customers grow their wealth at all stages of their lives.

Raiz Plus was launched in August 2023 and provides customers with the ability to add individual ASX listed stocks to build customised portfolios. In Q3 FY24, 26 ASX-listed stocks and 15 ETFs were added to the Plus investment offering, and there are now 115 specific investment options in the Plus product. In Q3 FY24, the retail Plus users increased by 17.8% QOQ to 28,291 and retail Plus FUM increased by 24.4% QOQ to $156 million.

Raiz Invest Super includes employer super guarantee contributions and recurring voluntary contributions. Australian superannuation FUM increased 26.9% YOY to $273.8 million (QOQ; +10.0%).

Raiz Kids is an easy way to save and invest small amounts regularly for children and dependents who are under the age of 18. Raiz Kids accounts increased by 12.1% QOQ to 37,904 and Raiz Kids FUM increased by 27.3% QOQ to $37.9 million.

Increased engagement with existing customers, through increased FUM and the strong uptake of new products, has led to a 9.3% increase in Annualised ARPU in Q3 FY24 to $75, compared to 1H FY24.

Brendan Malone, Raiz Invest Managing Director and CEO said, “We are very pleased to deliver strong annualised revenue growth as a result of new customer acquisition, the increased engagement of our existing customer base and an increase in ARPU. We have developed a suite of products and services designed to suit customers at different stages of their wealth creation journey and these results show that our product strategy is delivering. Our FUM has grown substantially quarter on quarter, driven by the strong uptake of our new products including Raiz Plus, Raiz Super and Raiz Kids.

“We will continue to increase brand awareness over the next six months through the high profile AFL/AFLW campaign and we remain on the path to achieve positive EBITDA.”