Raiz sees continued growth in customers and FUM

From

George Lucas

Raiz Invest CEO George Lucas says, “It is pleasing to report continued growth during May, with a 1.2% increase in active customers to 220,955 and a 6.9% increase in total funds under management to $433 million.

“This resumption of growth, in the past 2 months, is particularly pleasing as it follows dramatic market falls and significant volatility and economic uncertainty associated with COVID-19. There are now more active customers than at 29 February 2020.

“Net inflows into the Raiz Invest Super product have slowed as withdrawals continued due to the COVID-19 early release of superannuation.  In May 2020, $2 million in superannuation was withdrawn, following the $4 million that was withdrawn in April 2020.

The suspension of SuperMatch that was announced on 19 May 2020, by APRA and the ATO to address fraud, may impact the growth of Raiz Invest Super going forward. SuperMatch is part of the Company’s infrastructure enabling members to easily consolidate their superannuation online.

“The Southeast Asia expansion strategy continued to gather momentum with the granting of a licence for our Malaysian operation, as announced on 1 June 2020. This licence allows Raiz to immediately start marketing its product to this significant target market with a population of 33 million people.”

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