Investors will be keeping a keen eye on the Raiz Invest Ltd (ASX: RZI) share price today. The extra attention comes after the company released its performance metrics for February earlier today.
The Raiz share price surged more than 16% early last month after releasing its performance metrics for January.
At the time of writing, the Raiz share price has charged more than 5% higher for the day, trading at $1.74.
Here's how Raiz performed for February 2021.
Raiz records continued growth in February
Raiz is an Australian financial technology (fintech) company that provides users with a mobile-focused micro-investing platform.
Earlier today, the company provided an update on its performance for February 2021.
In the update, Raiz highlighted continued growth in funds under management (FUM) in Australia. For February, the company recorded a 4.0% increase in total FUM to $665.13 million. In addition, Raiz noted a 4.9% increase in superannuation contributions in February to $88.9 million.
In the update, Raiz Managing Director and CEO George Lucas noted that "This continued positive momentum supports our expectations of reaching $1 billion FUM by December 2021".
Raiz also reported strong growth in global active customers, especially in Southeast Asia. The company highlighted a 14.6% increase in active customers in Indonesia and 11.3% increase in active customers in Malaysia.
The company's management noted that for the 3 months to 28 February, Indonesia and Malaysia had growth in active customers of 59.8% and 85.3% respectively.
New fee structure
Raiz charges a flat monthly investment fee for each user. As a result, FUM and active customers are key metrics to the company's ability to generate recurring revenue.
Earlier this week Raiz announced a new fee structure for customers.
The fintech company informed investors that it will be increasing some fees for its Australian users.
Raiz announced that the monthly maintenance fee for account balances less than $15,000 will increase to $3.50. However, for accounts with balances equal to or greater than $15,000 the account fee will remain at 0.275% per annum.
The company cited increase corporate governance costs for the fee increase which will apply from 1 April 2021.
More on Raiz Invest
The mobile financial platform currently offered by Raiz allows users to micro-invest the remaining round-up of everyday purchases in exchange-traded funds (ETF). In addition, customers have the ability to invest in a range of different funds, depending on the user's risk tolerance.
Since launching in 2016, the company's mobile platform has amassed 1.47 million downloads, with Raiz currently operating in Australia, Indonesia, and Malaysia.
