Raiz Invest Limited (ASX:RZI) - 1H FY24 Financial Results Announcement
Raiz Invest Limited reported a 22% increase in revenue from its Raiz Platform to $10.7m for the half-year ended 31 December 2023.
Active Customers in Australia increased by 2% to 293,101, with Annualised Average Revenue Per User (ARPU) up 21% to $69.
Australian Funds Under Management (FUM) grew by 17% to $1.2b.
Total expenses decreased by 12% from $14.8m to $13.0m due to disciplined cost control.
EBITDA loss reduced by 85% to $0.5m, marking a significant improvement towards positive EBITDA.
Loss attributed to owners of the parent entity improved by $2.7m to $1.5m.
Net cash from operating activities was positive at $1.1m, a $3.7m improvement.
Strong start to 2H FY24 with 301,580 Australian Active Customers and $1.3b in Australian FUM as of 23 February 2024.
Major marketing campaigns with Seven West Media to expand brand awareness and customer acquisition.
Raiz is finalizing a business plan for sustainable growth in Malaysia, with Active Customers and FUM increasing by 4% and 11% respectively since 31 December 2023.
Continued investment in marketing and product innovation, including the launch of Raiz Plus and a new Super offering.
Raiz Invest aims to increase ARPU and customer lifetime value through product innovation and marketing strategies.
Raiz Invest, led by CEO Brendan Malone, is a multi-award-winning micro-investing and fintech platform with operations in Australia and Southeast Asia.
This announcement is a summary of the company approved ASX announcement on 26/2/2024.