- Investment platform Raiz Invest (RZI) says it's on track to hit its target of $1 billion funds under management (FUM) in 2021
- The fintech stock ended May with $750 million in FUM, with superannuation contributing 102.1 million to that total amount
- Active customers grew by 1.8 per cent month on month, with over 437,000 global customers using Raiz at the end of May
- The company's Global CEO also notes its second-largest shareholder Acorns Grow is gearing up to list on the NASDAQ
- Shares in Raiz Invest are up 4.87 per cent to $1.40 at 12:32 pm AEST
Investment platform Raiz Invest (RZI) is on track to hit its target of $1 billion funds under management (FUM) in 2021, amid continued growth.
The fintech stock has released an update on its performance during May, revealing it ended the month with $750 million in FUM.
That figures represents a 3.3 per cent growth from April and a 76.2 per cent increase in FUM year on year.
Raiz said of the FUM under management in May, superannuation made up more than $102 million of the total — the first time its passed the $100 million mark.
The company's active customer also grew by 1.8 per cent month on month, with over 437,000 global customers using Raiz at the end of May.
Raiz Invest Managing Director and Global CEO George Lucas said he was confident they'd hit the $1 billion mark this year, amid the active customer growth.
Mr Lucas also revealed RZI's second-largest shareholder Acorns Grow is gearing up to list on the NASDAQ.
"Acorns is a micro-investing success story that brings our savings and investment model to the fore, not only in the US, but globally.
"Raiz split from Acorns in 2018, pays no ongoing licence fee for the technology that was provided by Acorns, and Acorns is still the second-largest shareholder in Raiz."
Following today's update, shares in Raiz Invest have increased 4.35 per cent to trade at $1.40 per share at 12:32 pm AEST.