Friday, April 23, 2021

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Raiz Invest: Posts $2.9M loss despite increased customers and revenue

  • Fintech company Raiz Invest (RZI) has released its half-year report, revealing it ended December with a total comprehensive loss of $2.9 million
  • Comparatively, the investment business ended 1H FY20 with a smaller loss of $2.56 million
  • The blowout has blamed on platform refinement, product development, customer acquisition and one-off administrative costs
  • The deeper loss also comes despite Raiz recording some positive increases in revenue, active customers and funds under management (FUM)
  • The fintech stock closed out 1H FY21 with $11.13 million in cash and equity after burning through $369,000 on operation activities
  • Shares in Raiz Invest have ended the day down 3.16 per cent at $1.84

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