- Raiz Invest (RZI) has reported its funds under management (FUM) has passed the $1 billion benchmark in its latest quarterly report
- Annual recurring revenue grew by 91.1 per cent on a year-on-year basis to $14.5 million
- Cash receipts from customers totalled $5 million in the quarter, an increase of 1.9 per cent to the prior quarter
- The company ended the quarter with $20.5 million in cash, cash equivalents and term deposits
- Shares closed 3.45 per cent lower today at $1.40 each
Raiz Invest (RZI) has reported its funds under management (FUM) has passed the $1 billion benchmark in its latest quarterly report.
FUM were 6.6 per cent higher than the previous quarter and 70.8 per cent higher on a year-on-year basis.
The company reported normalised revenue of $4.5 million during the quarter, representing a seven per cent increase compared to the previous quarter. The main revenue driver was the company’s maintenance fee.
Annual recurring revenue grew by 91.1 per cent on a year-on-year basis to $14.5 million.
Cash receipts from customers totalled $5 million in the quarter, an increase of 1.9 per cent to the prior quarter.
Global active customers were up 73.3 per cent to $594,992.
Looking overseas, Raiz has continued the growth of its market operations. Active customers in Indonesia grew by 26.9 per cent and Malaysia saw an increase of 18.9 per cent.
Total cash inflows for the quarter were around $174,000.
The company ended the quarter with $20.5 million in cash, cash equivalents and term deposits.
Managing Director George Lucas said the results will give the company momentum.
“As calendar 2022 gets underway, we remain confident that investments made over the past 12 months will help us maintain growth momentum both in Australia and our Southeast Asian markets,” Mr Lucas said.
“At the same time, we continue to be on the lookout for additional growth opportunities.
Some of these will be sourced from enhanced product offerings that meet the demands of our existing client base.
“Others are expected to come out of additional growth by acquisition opportunities that will over time further broaden and deepen the make-up of our customer base.”
Shares closed 3.45 per cent lower today at $1.40 each.