Raiz successfully raises A$6.02 million via institutional placement

From

George Lucas

Raiz Invest Limited (ASX: RZI) (Raiz or The Company) is pleased to announce the successful completion of a Placement of seven million fully paid shares at $0.86 cents per new share, raising a total of $6.02 million.

Pricing for the Placement was determined via an institutional bookbuild and the placement price of $0.86 cents represented a 9.5% discount to the last close price of $0.95 on 6 November 2019.

Raiz CEO and MD, George Lucas said: “We are very encouraged by the strong support for this placement from both existing and new institutional investors. Pleasingly, the placement was strongly supported by a cornerstone Indonesian Private Equity Fund, highlighting the potential to leverage the success of the existing platform in Indonesia, a strategic priority for Raiz.

“The funds from the Placement and SPP will be used for working and regulatory capital to support the continued growth of the business both domestically and in Asia.

“Since launching in 2016, the Company has made significant progress, with strong and consistent growth in both active customers which reached 207,824 and funds under management which reached $410.96 million as at 31 October 2019.

“Raiz is well placed to continue to deliver strong growth by capitalising on its well-established platform with multiple and diverse revenue streams across savings, investing, superannuation, spending, partnerships and advertising.

“There exists a favourable market opportunity in Australia with a highly engaged, diverse and rapidly growing customer base, along with the opportunity to cross sell new products and grow subscriber revenues”, he said.

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