Raiz Invest SMSF service
Micro investing platform Raiz Invest is opening up its service to allow self managed superannuation funds to invest via the platform.
“To date only individuals could invest with Raiz – it has more than 400,000 Active customers – but by making our platform available to SMSFs we are tapping into a very dynamic part of the financial services market,” chief executive officer Australia and group chief operating officer, Brendan Malone, said.
Fees on the Raiz platform start at $3.50 a month for amounts under $15,000 (and 0.275 per cent per annum for amounts in excess of $15,000) and go up to $4.50 a month for amounts under $20,000 (and 0.275 per cent per annum for amounts in excess of $20,000) for customised portfolios.
At the end of February Raiz had total funds under management of $665 million and more than 405,000 active customers. The organisation is targeting total funds under management of $1 billion by the end of 2021.