Raiz (company)

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Raiz Invest Limited
Type of businessPublic
Type of site
Financial technology
Traded asASXRZI
Area servedAustralia, Indonesia
Key peopleGeorge Lucas (CEO)
IndustryFinancial technology
RevenueIncrease A$3 million (2019)[1]
Websiteraizinvest.com.au
UsersIncrease 600,000+ (2019)
Current statusActive
Native client(s) onAndroid
iOS

Raiz Invest Limited (formerly Acorns) is an Australian financial technology company operating in Australia and Indonesia. It allows customers to micro-invest the remaining round up of everyday purchases in exchange traded funds. The service currently has 192,000 monthly active users with $330 million funds under management.[2]

History[edit]

The average user investment portfolio grew 11 per cent a year since start in February 2016. 70% of customers are aged between 18 and 35, and over 80% invest at least once a month into their account. The minimum investment to open an account is $5.[3][4]

Superannuation scheme[edit]

Raiz Invest super was launched on 16 July 2018, designed as a superannuation product. It currently has $28 million funds under management.[5]

International expansion[edit]

In March 2019, Raiz announced its expansion into Southeast Asia with the launch of Raiz Invest in Indonesia.[6]

Awards[edit]

Raiz was awarded Australia's Investment Innovator of the Year at the 2017, 2018 and 2019 FinTech Business Awards.[7][8]

References[edit]

  1. ^ "ASX: RZI". asx.com.au. ASX. June 2018.
  2. ^ "Raiz Invest Wins Customers Trust; FUM And Active Customers On Upward Trajectory". Kalkine Media. 12 June 2019. Retrieved 15 July 2019.
  3. ^ Banney, Alison (23 April 2018). "Acorns app rebrands to Raiz Invest | finder.com.au". finder.com.au. Retrieved 10 July 2018.
  4. ^ "Raiz Invest to list on ASX with a $120m valuation". Financial Review. 9 May 2018. Retrieved 10 July 2018.
  5. ^ "Raiz Invest adds super feature to wealth app | Super Review". 10 July 2018. Retrieved 10 July 2018.
  6. ^ "ASX Announcements". Raiz Invest. Retrieved 27 March 2019.
  7. ^ Pash, Chris (13 June 2018). "FINNIES: All the winners and finalists in Australia's 2018 fintech awards". Business Insider Australia. Retrieved 10 July 2018.
  8. ^ Hastie, Eliot; Hastie, Eliot (27 March 2019). "Fintech Business Award 2019 Winners announced". www.fintechbusiness.com. Retrieved 29 March 2019.

External links[edit]