Raiz Invest appoints Australian CEO
Raiz Invest is undergoing a leadership restructure with Brendan Malone, group chief operating officer, appointed to lead the Australian business.
He would remain in the group COO role, which he took over in March, and would also now be chief executive officer of Raiz Invest Australia.
Chairman Tony Fay said: “Brendan will manage the day-to-day running of the business and will continue to drive the strategy to grow revenue per customer through new products and services”.
In the company’s full-year 2020 results, announced to the Australian Securities Exchange, it said revenue per customer in Australia increased by 71.4%. while normalised revenue grew by 100% to $8.2 million.
Funds under management increased by 30% to $453.6 million including Raiz Super which had $69 million in funds.
Managing director George Lucas said: “I am proud to be reporting a solid result as well as considerable progress in achieving our strategic initiatives in FY20, especially considering the significant volatility and economic uncertainty in the second half due to COVID-19.
“We successfully delivered strong growth in revenue, active customers and FUM in FY20, demonstrating the resilience of our business model, the customer loyalty we attract, and validating the unique nature of the Raiz platform. The 71.4% growth in revenue per active customer illustrates the potential for continued growth.”
The firm indicated a strong push into Southeast Asia with Raiz having launched in both Indonesia and Malaysia during the period. It said over 41,000 active customers had used the platform in those countries since 1 July, 2020 and it was having discussions with several other potential partners in the region.
With this in mind, Lucas would now be spending more time overseeing the firm’s Southeast Asian operations. This would include executing growth in Indonesia and Malaysia and exploring possible growth opportunities in countries such as Thailand.
AUTHOR
Laura Dew
Recommended for you
Momentum Media’s wealth publishing network is pleased to announce the launch of the annual Australian Wealth Management Summit 2025.
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
