One of the best performers on the Australian share market in 2019 has been the RAIZ Invest Ltd (ASX: RZI) share price.
The financial technology company's shares charged to a 52-week high of $1.06 on Monday, bringing their year to date gain to an impressive 121%.
What is Raiz Invest?
Raiz Invest is an Australian financial technology company operating in both Australia and Indonesia. Its platform allows customers to micro-invest the remaining round up of everyday purchases in exchange traded funds.
Investors have been bidding its shares higher in recent weeks following the release of a strong fourth quarter update.
During the quarter the company delivered normalised revenue growth of 18.6% on the previous quarter and 64.3% over the prior corresponding period.
This was driven by an increase in customer numbers to 194,360, leading to a 15.7% increase in funds under management over the previous quarter to $347.45 million. This was a 73.9% increase on the prior corresponding period.
Raiz Invest CEO, George Lucas, said: "During the last quarter, the Company delivered strong growth across a number of key metrics and we made good progress on the delivery of our strategic initiatives, in particular in relation to our expansion into Southeast Asia."
Adding: "The continued growth in Australia with 64.3% annual growth in normalised revenue was particularly pleasing. The financial position of the Company will further improve as the benefits of the revised fee structure that was announced on 1st July 2019 will begin to flow in the upcoming quarter, and pleasingly, since the increased fees, we have continued to see steady customer growth."
And looking ahead, Mr Lucas appears confident that the company can generate further revenue from its existing customer base.
He explained: "The Raiz business model provides a platform for other innovative financial services and products for our engaged and growing customer base. This will enable the Company to continue to drive the life-time value of our customers."
This could make Raiz Invest a fintech company to watch in FY 2020 along with Bravura Solutions Ltd (ASX: BVS) and Onevue Holdings Ltd (ASX: OVH).
