Raiz Invest's robust Q1 FY25 performance

Raiz Invest (ASX:RZI) has released its business update for Q1 FY25, ending 30 September 2024. The company reported a significant 15.2% year-over-year growth in revenue, reaching $5.66 million. This growth was propelled by an increase in customer numbers, funds under management, and average revenue per user. Funds under management saw a remarkable rise, climbing 31.8% YOY to $1.512 billion.

Raiz Invest's strategic outlook and future plans

Raiz Invest's Q1 FY25 update showcases its strong financial performance and strategic initiatives. The company added 3,824 new active customers this quarter, totaling 314,127 active customers by late October 2024. Raiz has bolstered its balance sheet with a $3 million share placement and a $938,000 share purchase plan, leaving it with a substantial cash position of $12.3 million. These funds will support the development of AI for marketing, product innovation, and strategic opportunities, including potential mergers and acquisitions. Key product innovations include the launch of the Plus product into Super and automated Raiz Rewards. Raiz has entered a strategic partnership with State Street Global Advisors for market awareness and new product development. As the company continues to divest its Malaysian operations, it focuses on expanding its offerings and strategic partnerships in Australia. With ongoing growth in customer numbers and funds under management, Raiz aims for continued success in the investment app sector.

Insights from Raiz Invest's leadership

Our solid growth, strong cash flow, and successful product and marketing strategies have continued to drive our business forward,' said Brendan Malone, Managing Director and CEO.