Micro investing app creator Raiz Invest [ASX:RZI] released an update for its metrics running for the month of May, with the group’s CEO flagging market volatility shaking the All Ords and affecting the group’s own funds under management numbers.
However, the affect was not hugely detrimental to the group’s progress. Despite a decrease of only 0.5%, Raiz says its customer inflows still remained strong.
The fintech says it has been working on enhancing its super investment products and has increased these numbers over the month by 0.8%.
Overall, the announcement seemed to resonate positively with shareholders, who upped the RZI share value from a 5% loss at open, to upwards of 1.5% in mid-morning trade.
For the year so far, RZI is down 8.5%:
www.TradingView.com
Raiz Invest global FUM hits A$1,139.34 million to end of May
The micro investing fintech Raiz Invest released its highlights today for Active Customers and Funds under Management (FUM) for the month ending 31 May.
Raiz reported its global FUM hit a total of A$1,139.34 million by the end of the month, which —although was a 0.5% drop month-on-month — represented a 3.2% increase on a quarterly growth basis, and 11.6% growth on a 12-month basis.
New customer sign ups had climbed 0.9% month-on-month to 3,412,350, which was 19.7% higher on a 12-month basis, and investment accounts reached 1,716,647 — 18.6% higher over the year.
Australia alone took around a third of those new customers, with a significant total of 1,375,456, an increase of 11.2% over 12 months, and total FUM revenue came to $1,124.28 million.
The group’s CEO, Brendan Malone, commented on the fintech’s performance, despite some challenging headwinds buffeting the wider market, saying that despite the volatile environment, the group still managed to keep above water:
‘Market volatility throughout May saw the ASX200 and All Ords down 3%. For the same period, the Raiz FUM decreased 0.5% with customer inflows remaining strong. Following recent enhancements and new products in Raiz Invest Super, we have seen continued growth of Super members with FUM also increasing 0.8% over the month.’
Mr Malone reiterated the company’s continued focus on innovation and responding to customer requests, which were linked to the successful launch of a new Property Options segment for both retail and superannuation customers.
The group’s CEO explained that Raiz is now the first retail platform to offer direct access to a diversified portfolio of residential property to investors.
As for business in Indonesian and Malaysian markets, Mr Malone said:
‘Operations continue to hold fast as we finalise the equity positions and implement cost savings initiatives in these countries.’
Customer sign ups in Indonesia grew 0.5% on a quarterly basis and 1 9.8% on a 12-month basis, with 1,275,231 and total FUM revenue of $1.26 million.
For Malaysia, new customers rose 5.1% over three months, and 38.5% in 12 months, with a total of 761,663 new customer sign ups and revenue from total FUMs of $13.80 million.
Source: RZI
Tik Stocks of 2024
With cost of living and inflation increases, political conflict, and the energy crisis taking enough of the attention, you might be thinking…can you take any risks?
Well, think about unassuming small-cap Stemcell United catapulting 8,284% in two days on a medicinal cannabis opportunity.
Or Cann Group jumping from 30 cents to $4 in a manner of months in another viral explosion.
Tik-Stocks, a sort of cousin to ‘meme stocks’, is predicted to be the next big thing.
And while everyone else is worried over inflation, they’re going unnoticed…
If you would like to know more about Tik-Stocks, click here.
Regards,
Mahlia Stewart
For Money Morning
