The Raiz (ASX: RZI) share price is climbing higher today. We take a look at the company’s latest update to the market.
The post Why the Raiz (ASX:RZI) share price is up 4% today appeared first on The Motley Fool Australia. –
At the time of writing, shares in the mobile-focused micro-investing platform are trading hands at $1.02 cents, up 4.1%.
By the numbers
The metrics show that across its operations, active customers increased by 8.1% month over month to 343,573. Active customers have grown by 62.3% compared to this time last year.
Funds under management are a key metric for the business as it derives revenue by charging a management fee on accounts over $10,000. In Australia, FUD grew by 4.5% month over month to $524.57 million for its core ‘retail’ portfolio offerings. While its superannuation segment grew by 2.3% month on month to $81.02 million.
The month-on-month growth has slowed from the November metrics update, where its retail and superannuation FUD had grown by 10.9% and 8.7% respectively. Perhaps customers were splurging more on Christmas gifts than investing in December.
Commenting on the update, Raiz CEO George Lucas said:
We remain confident that we could exceed the $1 billion milestone for FUM, during 2021 calendar year. We only exceeded $500 million in September, and based on the past three-month growth rate, this goal is achievable.
Mr Lucas also touched on the importance of the result at the end of a challenging year:
As we know, 2020 has been an extremely challenging year, making our record achievements in the year hard fought.
Raiz reportedly also placed 27th in Deloitte’s Technology Fast 50 Winners Report for 2020. A testament to the company’s 254% annual growth.
Raiz Invest enters the year, as described by Mr Lucas, “…well positioned to continue this strong growth path into 2021, confident of being able to build on the hard-earned achievements of the team in 2020.”
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Motley Fool contributor Mitchell Lawler 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.