Here’s why the Raiz (ASX:RZI) share price has gained 5% today

The company’s shares are up today, as is the number of people using its platform.

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Shares in Raiz Invest Ltd (ASX: RZI) are climbing today following the release of the company’s key metrics for the month of May. At the time of writing, the Raiz share price is $1.40 – 4.87% higher than yesterday’s closing price.

Within Raiz’s release today, the financial services company announced it has reached two major milestones and continued its upwards growth.

Let’s take a closer look at today’s news from Raiz Invest.

The month that was for Raiz Invest

For the first time, Raiz’s Australian funds under management exceeded $750 million.

According to the company’s managing director and global CEO George Lucas, the company is on track to have over $1 billion under management by the end of the year.

Its managed superannuation funds also met a milestone, surpassing $100 million. This was pushed by a 4.7% increase to the amount of Australian super managed by the company over the course of May.

Further, the number of Australian customers signing up to the company’s services grew by 1.6% in May. Its managed Australian investment accounts increased by 1.8% in the same time.

Last month’s boost means the company now has 76.2% more Australian funds under management than it did this time last year.

According to Lucas, Ramadan affected the amount of new Indonesian and Malaysian customers the company signed up last month, which increased by 7.2% and 9.3%, respectively.

Finally, the company shared that Acorns Grow Inc – which Raiz split from in 2018 – is planning to list on the Nasdaq exchange.

Acorns is the second largest shareholder of Raiz Invest.

Raiz share price snapshot

The Raiz share price has been performing well on the ASX lately.

Raiz shares have grown 42% since the start of 2021 and 91% on this time last year.

The financial services company has a market capitalisation of around $109 million, with approximately 81 million shares outstanding.

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