Micro-investing and fintech platform Raiz Invest [ASX:RZI] has released an update on its key metrics for the month of November 2022.
The fintech decided to share its highlights over the month by listing its active customer numbers and funds under management across Australia, Indonesia, and Malaysia.
As 2022’s tough fintech theme rolls through to the end of the year, it is worth looking at the stock’s performance over the past month and the year overall.
Raiz’s shares have tumbled 16% over the past month, despite climbing 6% over the week.
In the last 52 weeks, RZI’s shares have fallen 73.5%.
Other pummelled fintech stocks such as Plenti Group [ASX:PLT] and EML Payments [ASX:EML] have fallen 63.5% and 79% in the year, respectively.
Meanwhile, BNPL — ‘Buy now, pay later’ — platforms have seen further struggles. Zip Co [ASX:ZIP] and Sezzle Inc [ASX:SZL] have both decreased by 83% and 82%, respectively.
Source: Tradingview.com
Raiz’s November metrics and highlights
Today the fintech revealed key metrics across its Australian and Southeast Asian consumer base for the month ending 30 November, with emphasis on active customer numbers and funds under management (FUM).
Global customer sign ups were reported to have reached 3.19 million (3,189,449), representing a monthly increase of 1.6% and a 12-month increase of 35.2%.
Investment accounts went up 1.6 million (1,609,594), increasing 1.4% over the month and 39.7% over the last 12 months.
Global active customers climbed 673,868, a slight increase of half a percent over the month and 17% over the past year.
The fintech reported a global FUM total of $1.07 billion has accrued, going up 5% over the month, and 4.4% in the last year.
The highest FUM totals were once again reached in Australia, with Indonesia being the lowest performer in November.
For each region, the fintech provided key highlights, which are listed below:
Australia
Customer sign ups in Australia increased by 1.29 million (1,289,777), up 10.2% when compared with the last 12 months.
Investment accounts improved 8.9% in the year, with 612,186 new accounts, while 288,287 new customers joined, representing a decrease of 1.2% in the year.
Retail funds totalled $853.58 million — growing 5.3% month-to-month and up 3.3% in the last 12 months, while superannuation funds accrued $204.60 million — an increase of 3.8% in the month and 8.9% in the last 12 months.
Total FUM in Australia came to $1.05 billion, an increase of 5% month-to-month and 4.3% in the year, with average accounts totalling $3,670.
Indonesia
In Indonesia, customer sign ups climbed by 1.24 million, an increase of 62.3% over the last 12 months.
Active customers climbed 274,480, rising 42.2% in the year.
Total FUM came just shy of $1 million, with $950,000. This was a 50% increase over the year.
Malaysia
Customer sign ups in Malaysia came to 658,895, up 55.5% in the year.
Active customers climbed 111,101, a 12-month increase of 22.1%.
Total FUM came to $13.14 million.
Raiz Invest’s Managing Director and Group CEO, Brendan Malone, stated:
‘It is great to see continued high engagement and investment from our customers, delivering record reported FUM for November 2022 month end being well over $1 billion. We did see a small reduction in active customers in Australia over the month as many reached their savings goals for the year.
‘With several product releases in the development pipeline, we look to the remainder of the financial year 2023 with much excitement. We will continue to execute on our strategy, maintaining the momentum we have achieved to date.’
The most exciting fintech stocks in 2023
Now, fintech stocks are often thought of as carrying bad debts, operating within thin margins, and amounting to their losses.
This is because the sector was known to embody the ‘growth over profits’ mantra in 2022, which saw many fall.
And yet, our market expert Ryan Clarkson-Ledward has waded through many of these instances.
As it turns out, fintechs can grow into sturdy, lucrative businesses — with the right choices.
Ryan’s discovered at least three profitable fintech stocks.
One of them, he says, is a start-up ‘wrestling with the big banks — and winning’.
You can learn more right here.
Regards,
Mahlia Stewart,
For Money Morning
