Raiz reports drop in FUM
Micro-invest platform provider, Raiz Invest, has reported a 1.2 per cent drop in funds under management (FUM) during December due to falls in global equity markets.
Despite the drop, the firm reported investment fund inflows totalling approximately $6 million, and achieved two months of positive cash flow and growth in normalised revenue.
Raiz’s chief executive, George Lucas, said that key strategic pillars of the company included:
- Growing its customer base;
- FUM and revenue per customer growth by offering a range of products and services;
- Southeast Asian expansion; and
- Strengthening market position through delivery of platform improvements.
“We remain focused on our growth strategy, for which the company remains well funded,” he said.
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.