| Raiz Invest Limited | |
| Area Served: | Australia, Indonesia, Malaysia |
| Website Type: | Financial technology |
| Industry: | Financial technology |
| Key People: | Brendan Malone Alex Gao |
| Company Type: | Public |
| Current Status: | Active |
| Native Clients: | Android iOS |
| Num Users: | 1,078,000+ |
| Revenue: | [1] |
Raiz Invest Limited (formerly Acorns) is an Australian financial technology company operating in Australia, Indonesia and Malaysia. It is listed on the Australian Securities Exchange (ASX:RZI). It allows Australian customers to micro-invest.[2] [3] the remaining round up of everyday purchases in exchange traded funds.
As of October 2021, the service has 419,552 monthly active users with $694.27 million funds under management.[4] The total revenue during FY2020 was $10.3 million.[5] Brendan Malone is Managing Director / CEO of the company.[6]
The average user investment portfolio of Raiz Invest grew 11 per cent a year since start in February 2016.[7] 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.[8] [9]
Raiz Invest super was launched on 16 July 2018, designed as a superannuation product. It currently has $69.7 million funds under management.[10]
Indonesia continues to demonstrate momentum with 112,000 customers having signed up to the app. More opportunities are opening up in Indonesia to increase market penetration; Work has begun to develop new products with the prominent Indonesiancornerstone investor who took equity in the November 2019 placement. Activation of charging monthly fees has been turned on in Indonesia.Malaysia is live with 40,000 customers so far.[11]
Raiz was awarded Australia's Investment Innovator of the Year at the 2017, 2018 and 2019 FinTech Business Awards.[12] [13]