- Raiz Invest (RZI) is feeling confident as it heads into FY22, revealing it hit a number of key metrics in its 2021 financial year results
- The online finance platform posted a 37 per cent increase in revenue, though the business did end the year with a $4.9 million loss
- Its customer numbers grew by 87 per cent to over 456,000, while funds under management totalled $799.6 million at the end of June
- RZI’s micro investing platform recorded a 40 per cent jump in revenue, while the fintech stock closed the year with $19.2 million in the bank
- Shares in the company closed up 2.09 per cent at $1.96 per share
Raiz Invest (RZI) is feeling confident as it heads into FY22, revealing it hit a number of key metrics in its 2021 financial year results.
The online investment and superannuation business posted a 37 per cent increase in revenue, brining in a total of $13.4 million.
RZI ended the year with a $4.9 million net loss after income tax, which is almost in line with last year’s $4.86 million loss.
Its customer numbers were up by 87 per cent to more than 456,000 global users.
Additionally, the fintech stock’s funds under management grew by 76 per cent to $799.6 million while its super FUM hit $106.6 million at the end of June.
RZI’s micro investing platform — which invests a users spare cash automatically — also grew, recording a 40 per cent jump in revenue in FY21.
Raiz ended the financial year with $19.2 million in the bank and cashflow negative, having raised $10.4 million in capital during the period.
Looking ahead, the company was planning to further expand into South East Asia and grow its super business.
“Thanks to the hard work of our global team, we saw record growth across all of our key metrics including Active Customers, Funds under Management, revenue per customer and Superannuation FUM,” Group CEO George Lucas said.
“In Australia, we remain on track to hit our goal of $1 billion of FUM by the end of 2021. We see the Superestate acquisition, the first in our five-year history, as an important component in our domestic strategy going forward.
“Despite headwinds produced by the COVID-19 pandemic, we remain very bullish about our prospects in South East Asia. Our growth in Indonesia and Malaysia is tracking well and we are now planning our expansion into Thailand and Vietnam.”
Raiz Invest shares ended Wednesday up 2.09 per cent at $1.96 per share.