The Raiz Invest Ltd (ASX: RZI) share price fell today after the company released its monthly metrics for April.
At the time of writing, the Raiz share price has recovered slightly to be down 2% for the day, trading at $1.47. Here’s how Raiz performed in April and how the company’s share price has responded.
How did Raiz perform in April?
Earlier this morning, Raiz provided the market with an update on its performance for April 2021. The update provided an insight into the company’s Australia, Indonesian, and Malaysian operations for the month.
Raiz noted that funds under management (FUM) in Australia increased 6.2% for the month to $737.56 million. The company remains confident that $1 billion in FUM by the end of 2021 remains a realistic target.
In addition, Raiz reported that global active customers grew 2.4% for the month to a total of 429,827. The company’s management praised customer growth as a reflection of loyalty, despite an increase in monthly maintenance fees.
Raiz also highlighted a successful capital raise in April to accelerate growth and the acquisition of Superstate Pty Ltd.
More on the share price
Raiz is an Aussie fintech company that operates a mobile-focused, micro-investing platform in Australia, Indonesia, and Malaysia. The company’s platform enables users to micro-invest the remaining round-up of everyday purchases in exchange-traded funds (ETF). In addition, Raiz allows users to open a superannuation fund.
Raiz charges a flat monthly investment fee for each user which comprises more than 60% of the company’s revenue. As mentioned previously, Raiz recently increased its monthly maintenance fee from $2.50 to $3.50.
The company recently released its third-quarter update for the 3 months ended 31 March. Raiz reported total normalised revenue of $3.1 million for the quarter, up 39% compared to the prior corresponding period.
Raiz also announced firm commitments to raise $10.2 million via an oversubscribed placement late last month. The capital raising followed the company’s proposed $9.5 million acquisition of fund manager Superstate. According to the company, the proposed acquisition of Superestate will allow Raiz to offer clients access to residential property as an asset class.
Since late April, the Raiz share price has tanked more than 11% following the capital raising.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- Why the Raiz Invest (ASX:RZI) share price has slumped 5%
- Raiz Invest (ASX:RZI) share price on watch after Q3 update
- The Raiz (ASX: RZI) share price is surging 9% higher today
Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post What’s happening with the Raiz Invest (ASX: RZI) share price? appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3vMedUH
Leave a Reply