Micro-investing app Raiz announced their FY22 Result

Australian fintech news and articles

The word Raiz in colour on a dark background
  • Total revenue for the Raiz Group up 39.5% YOY to $18.7 million

  • Consolidated loss of $5,902,000 (FY21: $258,000) attributed to shareholders after adding back the cost of the employee share option and amortisation & depreciation expense

  • The Raiz Micro Investing Platform revenue up 52.2% YOY to $17.4 million

  • Raiz’s Annual Recurring Revenue (run rate) up 21.5% YOY to $14.7 million

  • Revenue per Customer (run rate, Australia) was up by 8.2% YOY to $55.90

  • Global Active Customers up 42.8% YOY to 652,702

  • Australian Active Customer up 6.1% YOY to 289,500

    Joint Group CEOs George Lucas and Brendan Malone said:

“FY2022 saw Raiz encounter some challenging trading conditions. Despite these challenges and weaker investor sentiment, the business continued to grow in Australia and Southeast Asia as the Active Customer and FUM numbers attest.

“What it shows is that our strategy of customer first allows us to retain and attract new customers to Raiz even during challenging times. In Australia, we were particularly pleased by the increase in Superannuation FUM. Although this included the Superestate acquisition, we are encouraged that more Australians are entrusting us with their retirement savings.

“We are also proud of the Cost of Acquisition (CAC) we saw throughout the FY22. But in recent months we have not seen revenues increase as strongly as we have seen in the past. To combat this, we continue to closely monitor our expense base and make the appropriate decisions for the business.

“We need to thank the Raiz team globally for their commitment to the Company. They ensure we deliver the products and customer experiences that provides our customers with the best possible experience. “Finally, to our shareholders, it has been a difficult year, especially the second half, so thank you for your ongoing support in our journey. We are committed to review the long-term strategy for Australia and Southeast Asia to ensure the company is focused on delivering value to its shareholders and stakeholders in the long term.”