The Australian fintech platform Raiz Invest Limited, which assists clients in growing their wealth through saving and investing, has received a strategic investment from State Street Global Advisors, the asset management division of State Street Corporation.
As part of a cooperative engagement, the parties agreed to enter into an equity investment agreement (the Initial Share Purchase) wherein State Street Global Advisors will put a bid to purchase around 5% of Raiz’s share capital.
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The strategic partnership will combine State Street Global Advisors’ established brand and extensive market knowledge with Raiz’s mobile-first platform, offering Australian retail investors with micro-investments, notably in exchange-traded funds (ETFs) and model portfolios.
Through the utilisation of State Street Global Advisors’ global network of resources, insights, and trends, Raiz clients will get access to a wider range of investing education tools and content related to financial literacy.
State Street Global Advisors’ SPDR S&P/ASX 200 Fund has become the largest single fund position in Raiz’s model investing portfolios for consumers.
Raiz also features the asset manager’s SPDR MSCI Australia Select High Dividend Yield Fund (ASX: SYI) and SPDR S&P Global Dividend Fund (ASX: WDIV).
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By GlobalDataYie-Hsin Hung, president and CEO for State Street Global Advisors stated: “We are excited to expand our relationship with Raiz, a proven fintech leader in bringing important tools and educational resources to investors across the region. This strategic investment reinforces our strategy to join forces with wealth firms who share our commitment to help investors globally manage their investments and savings for retirement.”
State Street Global Advisors head of Intermediary Asia Pacific, Meaghan Victor shared: “This investment is a natural extension of the successful relationship we have enjoyed with Raiz since launch in 2016. Both of us share a passion for making financial tools and solutions accessible to all investors, and through this strategic arrangement we will leverage our respective capabilities to help Australian investors plan and save for retirement.”
Raiz managing director and CEO, Brendan Malone added: “From learning about investments in ETFs through to more complex investment strategies such as superannuation retirement portfolios, we look forward to continuing our relationship with State Street Global Advisors on educational tools for all stages of a customer lifecycle.
“Raiz’s Australian customers, who range from beginners to experienced investors, will benefit significantly from the global resources that we can provide through this strategic arrangement. Between Raiz’s technology and State Street Global Advisors’ global investment capabilities and markets expertise, there are great opportunities for innovation in the Raiz product offering.”
