Insights

Here’s why the Raiz (ASX:RZI) share price has gained 5% today

The company’s shares are up today, as is the number of people using its platform.
The post Here’s why the Raiz (ASX:RZI) share price has gained 5% today appeared first on The Motley Fool Australia. –

Shares in Raiz Invest Ltd (ASX: RZI) are climbing today following the release of the company’s key metrics for the month of May. At the time of writing, the Raiz share price is $1.40 – 4.87% higher than yesterday’s closing price.

Within Raiz’s release today, the financial services company announced it has reached two major milestones and continued its upwards growth.

Let’s take a closer look at today’s news from Raiz Invest.

The month that was for Raiz Invest

For the first time, Raiz’s Australian funds under management exceeded $750 million.

According to the company’s managing director and global CEO George Lucas, the company is on track to have over $1 billion under management by the end of the year.

Its managed superannuation funds also met a milestone, surpassing $100 million. This was pushed by a 4.7% increase to the amount of Australian super managed by the company over the course of May.

Further, the number of Australian customers signing up to the company’s services grew by 1.6% in May. Its managed Australian investment accounts increased by 1.8% in the same time.

Last month’s boost means the company now has 76.2% more Australian funds under management than it did this time last year.

According to Lucas, Ramadan affected the amount of new Indonesian and Malaysian customers the company signed up last month, which increased by 7.2% and 9.3%, respectively.

Finally, the company shared that Acorns Grow Inc – which Raiz split from in 2018 – is planning to list on the Nasdaq exchange.

Acorns is the second largest shareholder of Raiz Invest.

Raiz share price snapshot

The Raiz share price has been performing well on the ASX lately.

Raiz shares have grown 42% since the start of 2021 and 91% on this time last year.

The financial services company has a market capitalisation of around $109 million, with approximately 81 million shares outstanding.

The post Here’s why the Raiz (ASX:RZI) share price has gained 5% today appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

How does Raiz (ASX:RZI) stack up against its old friend Acorns?
Why the Raiz (ASX:RZI) share price is edging lower

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!