Raiz Invest reports customer growth and profit guidance

·       Active customers reach 351,362 following a 6.7% increase year-on-year, alongside a 27.5% rise in funds under management to $2.32 billion.

·       The share price closed higher at $0.54 following the release of the quarterly business update.

·       The company stated that growth was driven by higher maintenance fees, active customer expansion, and ongoing product development.

Raiz Invest (ASX:RZI) reported an active customer base of 351,362 and funds under management totalling $2.32 billion for the quarter ended June 30.

The fintech platform recorded customer additions of 11,140 during the quarter, representing a 3.3% increase compared to the previous quarter.

Annualised revenue per user climbed 12.5% from the prior corresponding period to reach $86.86.

The company confirmed its full-year earnings guidance for underlying earnings before interest, tax, depreciation, and amortisation in the range of $5.5 million.

Following the announcement, the Raiz Invest share price was up at $0.54.

The group operates a digital investment platform across Australia and international markets focused on micro-investing and superannuation products.