Raiz Invest hits $2.40B in funds in September quarter
Key points
- Total funds under management increased 20.2% year-on-year to $2.40 billion.
- Shares were unchanged following the market update.
- Strong demand from younger investors continues to drive customer base growth.
Raiz Invest (ASX:RZI) grew its funds under management by 20.2% year-on-year to $2.40 billion for the quarter ended Sept. 30.
This performance builds on the previous financial year when total funds under management stood at $2.32 billion.
The business generated quarterly net inflows of $69 million and recorded an annual revenue per user of $86.69.
Craig Keary, CEO Raiz Invest said, "The underlying Raiz business remains solid, with a significant retail customer base skewing towards the younger investor demographic, and a steady stream of recurring net flows onto the platform.”
Total active customers reached 354,202, while the platform held a cash balance of $15 million as at Sept. 30.
Following the announcement, the Raiz Invest share price was unchanged at $0.44.
The company stated that attracting younger investors with specialised portfolios provides a strong pipeline of future customers.
Recent operational reports show Lite Plan portfolios grew 17.7% quarter-on-quarter to 10,089 accounts.
