Fund Manager Summary
The fund managers believe that the outlook for RAIZ Invest Ltd is promising, particularly following recent strategic moves. In their opinion, the company’s closure of its loss-making Malaysian and Indonesian operations positions it for a profitable FY25. The significant price appreciation of 15% in September, alongside a $2m strategic capital raise to State Street Global Advisors, indicates strong investor confidence. With over 300k active clients and $1.5bn in funds under management, RAIZ is well-placed to capitalize on market opportunities. Additionally, the acquisition of competitor Spaceship for $80m highlights the potential value of RAIZ, especially given its current market cap and $14m in cash. Overall, the fund managers view RAIZ as a compelling investment opportunity.
Source: Trading View
Commentary From The Managers
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Cyan Investment Management
31 Oct 2025
$0.90
Summary
- Cyan Investment Management notes Raiz (RZI) as a significant contributor with a 19% increase.
- Raiz has implemented a customer pricing increase in August, resulting in minimal churn.
- The company projects a lift in underlying profitability to approximately $5m in FY26, up from $2.8m in FY25.
- With Funds Under Management (FUM) exceeding $2bn, Raiz is well-positioned to leverage its scalable business model.
- This performance is attracting new investor attention.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Cyan Investment Management
31 Oct 2025
$0.90
- Cyan Investment Management notes Raiz (RZI) as a significant contributor with a 19% increase.
- Raiz has implemented a customer pricing increase in August, resulting in minimal churn.
- The company projects a lift in underlying profitability to approximately $5m in FY26, up from $2.8m in FY25.
- With Funds Under Management (FUM) exceeding $2bn, Raiz is well-positioned to leverage its scalable business model.
- This performance is attracting new investor attention.
Summary
DMX Asset Management
31 Oct 2025
$0.90
- DMX Asset Management is pleased with the progress of fintech platform Raiz (ASX:RZI) and its recent updates.
- Ownership since 2020 was initially considered an error due to early entry, but confidence has grown.
- Increased holdings in the 30c-40c range last year due to positive earnings trajectory and anticipated profit inflection.
- RZI reported a substantial underlying EBITDA loss of ~$8m in FY22, but is now profitable after divesting its loss-making Asian business.
- Significant fiscal discipline has led to maiden free cash flow and positive NPAT results in the second half of FY25.
- Confirmed EBITDA guidance for FY26 is ~$5m, indicating a $13m turnaround in four years.
- RZI announced a price increase in core products in August, absorbed by customers with minimal churn.
- Customer growth continues, with FUM now at ~$2b and 335,000 active customers.
- RZI is recognized as a profitable, fast-growing market leader in fintech with potential for further ARPU growth.
- Market cap nearing $100m is expected to attract increased interest, with multiple broker bids recently declined.
- DMX Asset Management has accumulated positions in under-the-radar micro-cap stocks, with RZI experiencing increased volumes and share price.
- RZI's stock rose 25% due to positive revenue momentum and transition to profit generation.
- Recent price increase demonstrates latent pricing power within the business.
Summary
Cyan Investment Management
30 Sept 2025
$0.72
- Cyan Investment Management continues to hold its position in Raiz Invest Ltd.
- Raiz has experienced strong growth in Funds Under Management (FUM) due to favorable global market conditions.
- There is potential for further revenue growth following a product price increase implemented in August.
- The impact of customer churn will be a key factor to monitor moving forward.
Summary
DMX Asset Management
31 Aug 2025
$0.63
- DMX Asset Management highlights Raiz Invest Ltd (ASX:RZI) as a fast-growing fintech investment platform.
- Raiz reported a maiden free cash result and a positive NPAT for the second half.
- Despite these positive results, the market reacted negatively, leading to a 12% decline in share price for the month.
- Three years ago, Raiz faced an EBITDA loss of $8m, but has since divested its loss-making Asian business.
- With strong fiscal discipline, Raiz is now profitable and has guided for ~$5m EBITDA for FY26.
- Raiz has 330,000 active customers and nearly $2bn in Funds Under Management (FUM).
- For the first time, Raiz is cash flow positive, marking a significant milestone.
- DMX Asset Management believes there is substantial upside potential from Raiz's current $50m enterprise value as it increases ARPU through fee hikes and product cross-selling.
Summary
Cyan Investment Management
31 Aug 2025
$0.63
- Raiz (RZI – 12%): Undergoing a transformation by exiting loss-making Asian operations.
- Focus on Australian Business: Growth capital redirected to enhance operations in Australia.
- FY25 Results: Significant improvement compared to previous periods.
- Active Customer Growth: Disappointment remains; expected to accelerate with better marketing strategies or acquisitions.
- Pricing Strategy: Recent price increase for customers anticipated to boost revenues.
- Share Price Performance: Raiz share price has seen substantial growth in September.
Summary
Tamim Funds Management
30 Apr 2025
$0.63
- Raiz Invest (ASX: RZI) delivered solid results in Q3 FY25, showcasing strong growth across customer numbers, revenue, and product adoption.
- Active Customers rose 6.9% YOY to 324,968, with Annualised Revenue Per User (ARPU) increasing 5.9% to $75.94.
- Growth driven by uptake in Raiz Plus and Raiz Super.
- Despite market volatility in March, customer growth remained positive, reaching 326,544 by late April.
- Funds Under Management (FUM) grew 23.1% YOY to $1.65 billion, with Raiz Kids and Raiz Super seeing gains of 76.2% and 27.8% respectively.
- Net inflows totaled $60 million, the strongest since Q1 FY22, with over 60% of customers maintaining recurring deposits.
- Launched “Raiz Jars” in January 2025, quickly gaining 15,814 active accounts and $6 million in FUM.
- Raiz Kids expanded to over 51,000 portfolios.
- Ended the quarter with strong cash reserves of $12.5 million and $1.2 million in operating cash flow.
- Estimated 2H25 Ebitda at $2.5 million, setting a base of $5 million of Ebitda for FY26.
Summary
Cyan Investment Management
30 Apr 2025
$0.63
- Raiz (RZI +20.2%) continues its recovery from both an operational and investor sentiment perspective.
- Recent updates show acceleration in active customer numbers.
- Improvement in ARPU (Average Revenue Per User) noted.
- Strong net inflows have increased FUM (Funds Under Management) to $1.65bn.
- Operating cash flow and profitability have improved materially.
- RZI remains debt-free with a cash balance of $12.5m, fully funded for growth ambitions.
- Interest in the consumer investment and fintech sector remains buoyant, highlighted by recent takeovers of Spaceship and Selfwealth.
Summary
Tamim Funds Management
31 Mar 2025
$0.52
- Raiz Invest Limited (ASX: RZI) is a leading micro-investing and fintech platform in Australia, offering automated savings and investment solutions for retail investors.
- Raiz’s scalable fintech model, strong brand recognition, and digital-first approach position it as a key player in the evolving wealth management and financial technology space.
- Raiz delivered a strong Q2 FY25 performance, driven by customer growth, increased revenue per user, and strong fund inflows.
- Over 18,000 active Jar portfolios created since launch demonstrate strong early adoption and retention benefits.
- Raiz Invest has positioned itself as an attractive takeover target due to its rapid customer growth and strong recurring revenue model.
- With a strong balance sheet, increasing customer engagement, and product innovation, Raiz is well-positioned for a potential valuation premium.
- Tamim Funds Management continues to hold because of Raiz's strong growth trajectory and scalable business model.
Summary
Cyan Investment Management
28 Feb 2025
$0.59
- Cyan Investment Management has been invested in Raiz Invest since 2019.
- Raiz Invest is a consumer-facing micro-investing platform.
- The company has an engaged and growing customer base of over 300,000 retail investors.
- Raiz manages more than $1.5 billion in funds under management (FUM).
- The recent stock increase of 35% seems arbitrary with no positive news from the company.
- Activity in other financial plays like Selfwealth (SWF) and Insignia Financial (IFL) may be influencing investor interest in Raiz.
Summary
Tamim Funds Management
31 Jan 2025
$0.74
- RAIZ Invest Limited (ASX: RZI) is a recent addition to the portfolios and has already been a strong performer.
- Active Customers increased by 8.5% YOY to 317,995, further growing to 322,219 by January 25, 2025.
- Average Revenue Per User (ARPU) rose 6.4% YOY to $75.68, driven by a shift to higher revenue products.
- Funds Under Management (FUM) grew to $1.61bn, marking a 32.4% YOY increase and 6.3% QOQ growth.
- Strong netflows of $183m in Calendar Year 2024, compared to $57m in CY23.
- FUM further increased to $1.67bn as of January 25, 2025.
- Raiz Super Moderately Aggressive Option rated #1 by SuperRating.
- Continued product innovation with Raiz Jars set to launch in January 2025.
- Winner of Finder Awards 2024 for Investment Innovation.
- Strong cash position with a positive quarterly operating cash flow of $700k and a net cash balance of $12m.
- RZI is compared to Dropsuite (DSE), noting a fragmented client base and a simple business model.
- RZI is a market leader in providing investment solutions for a younger demographic with low value balances.
- Not reliant on FUM; operates as a subscription business with $24m of ARR and approximately $4m of EBITDA this year.
- Recent M&A activity in the sector, with Spaceship being acquired at a valuation exceeding RZI's.
- RZI is seen as a potential target for a global wealth management firm, a large bank, or an investment platform.
- Tamim Funds Management believes the near-term valuation is $1.00+.
Summary
Cyan Investment Management
31 Dec 2024
$0.55
- Cyan Investment Management notes significant financial progress by RAIZ Invest Ltd over the past year.
- The company has closed down loss-making international operations.
- RAIZ has added a strategic investor, State Street.
- The recent stock performance has been curious, with no major updates since the AGM in late November.
- There is heightened interest in the sector, exemplified by strong performances in Netwealth (NWL) and Hub24 (HUB).
- There have been takeover bids for Spaceship Investors, Selfwealth (SWF), and Insignia Financial (IFL).
- RAIZ boasts a customer base of over 300,000 and more than $1.5bn in funds under management.
- The company is considered an attractive target for both domestic and international financial institutions.
Summary
DMX Asset Management
6 Nov 2024
$0.43
- Raiz Invest (RZI:ASX) is a prominent Australian wealth technology company, managing over $1.46 billion in funds.
- As of August 2024, Raiz serves 309,953 active customers with strong satisfaction ratings on app stores.
- DMX Asset Management notes Raiz’s product diversity, including ETFs, Bitcoin, and residential property funds.
- The company's offerings include Raiz Invest, Raiz Rewards, Raiz Kids, Raiz Super, and Raiz Plus, targeting various financial needs.
- Following leadership changes, DMX Asset Management highlights a new focus on the core Australian market for growth.
- Raiz derives revenue mainly from a monthly subscription fee, creating stability compared to traditional fund managers.
- Key growth levers identified include partnerships, re-engaging inactive customers, and expanding product offerings.
- DMX Asset Management anticipates FY25 could be a pivotal year, projecting potential NPAT of $1-2 million.
- Medium-term projections suggest continued ARPU growth with a target of $100 ARPU.
- Despite past setbacks and losses, DMX Asset Management believes Raiz can capitalize on its strong customer base and recent focus on profitability.
- The acquisition of peers, like Spaceship, signals the potential value in the micro-investing sector.
- DMX Asset Management sees Raiz's path forward as favorable, noting the opportunity to play a critical role in the financial education of over 300,000 Australians.
Summary
DMX Asset Management
31 Oct 2024
$0.45
- DMX Asset Management highlights Raiz (ASX:RZI) as a micro-investing app.
- Raiz delivered a record revenue of $5.6m, reflecting a 15% increase.
- All key metrics are trending positively with total FUM of $1.5b, up 32%.
- Strong fund inflows observed across all products.
- Active customers increased by 5% to approximately 315k.
- Raiz maintains a strong balance sheet with $13m in cash.
- Transitioning from EBITDA profit to expected NPAT profit this year.
- RZI is on track to become a unique, profitable fintech micro-cap.
- Continues to build a significant customer base gained from its first mover advantage.
- This customer base is considered extremely difficult to replicate today.
Summary
Cyan Investment Management
30 Sept 2024
$0.46
- Raiz Invest (RZI) was the biggest contributor to the Fund’s performance in the month, with a gain of 15%.
- The company serves over 300,000 active clients in Australia.
- Raiz manages $1.5 billion in funds under management.
- Recent strategic decisions include closing loss-making Malaysian and Indonesian operations.
- The company is expected to trade profitably in FY25.
- Price appreciation in September likely influenced by significant events including a $2 million strategic capital raise to State Street Global Advisors.
- A comparable competitor, Spaceship, was acquired for $80 million, nearly double Raiz's current market cap.
- Raiz also holds $14 million in cash.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With strategic moves and a cash cushion, Raiz Invest appears poised for a profitable FY25, especially as market dynamics shift. As competitors get acquired, the potential for RZI to capitalize on its unique position seems increasingly compelling."
Last Updated: 31 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in RAIZ Invest Ltd (ASX:RZI)?
Fund managers including Cyan Investment Management, DMX Asset Management and Tamim Funds Management have invested in RAIZ Invest Ltd (ASX:RZI).
Why do fund managers invest in RAIZ Invest Ltd?
Fund managers are investing in RAIZ Invest Ltd due to its strong performance, highlighted by a 15% share price increase and a solid client base of over 300,000 active users in Australia. The company is managing $1.5 billion in funds and is expected to achieve profitability in FY25 after exiting unprofitable markets in Malaysia and Indonesia. A recent $2 million capital raise from State Street Global Advisors at a premium and the acquisition of a comparable competitor, Spaceship, further enhance RAIZ's market position and potential for growth.
What happened to RAIZ Invest Ltd (ASX:RZI)?
Fund managers are investing in RAIZ Invest Ltd (ASX:RZI) due to its recent transformation into a profitable fintech platform, marked by its maiden free cash flow and positive net profit after tax (NPAT) in the second half of FY25. The company has successfully exited loss-making operations, refocused on its Australian market, and is experiencing strong growth in funds under management (FUM), which now exceeds $2 billion. With a solid customer base of over 335,000 active users and a recent price increase that has resulted in minimal churn, RAIZ is positioned for further revenue growth. Fund managers anticipate significant upside potential as the company continues to enhance its average revenue per user (ARPU) through fee increases and product cross-selling.