Many in retirement are travelling comfortably, with three key factors contributing to their happiness – good physical and mental health and enough money to enjoy life.
Perhaps the assumption that markets are still anchored by predictable economic policies needs to be challenged. For the first time since the fall of the Berlin Wall, political volatility – once background noise – is potentially reshaping investment risk at a structural level.
Raiz posts bumper second half profit, FUM nears $800m
Raiz (ASX:RZI) – The popular millennial investment app has posted a bumper second half profit result supported by strong growth in funds under management and rising member numbers. This has placed the company in an enviable position, confident of its FY22 outlook. In total the platform hit FUM of $799.6m and its customer numbers were up by 87 percent to 456k. Both are remarkable achievements. Here are some of the highlights:
- Total normalised revenue for Raiz platform up 85% to $8.7m year on year (YOY)
- Global Active Customers, up 73% to 594,992 YOY
- Australian funds under management (FUM), up 71% to $1.03bn YOY
- Superannuation FUM up 136% to $191.2m YOY
- Raiz’s Annual Recurring Revenue (run rate) up 91.1% to $14.5m YOY
- Active customers in Indonesia up 202% to 206,708 YOY
- Active customers in Malaysia up 156% to 97,079 YOY
Raiz posted a 37 per cent rise in revenue to $13.4 million, finishing the year with a $4.9 million net loss in line with last year’s $4.86 million loss. Its superannuation FUM hit $106.6 million at the end of June.
Raiz ended the financial year cashed up with $19.2 million in the bank. The company’s outlook is to expand into South-east Asia and grow its super business.
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.”
