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.