State Street Global Advisors has made an investment in Raiz Invest, an Australian fintech platform focused on helping customers grow their wealth through saving and investing.
Under the terms of the equity investment agreement, State Street Global Advisors, will acquire approximately 5% of Raiz’s share capital through a placement. State Street Global Advisors is the asset management division of American financial services company State Street.
Through the partnership, State Street Global Advisors aims to combine its brand and market expertise with Raiz’s mobile-first platform.
The platform primarily assists Australian retail investors with micro-investments in exchange-traded funds (ETFs) and model portfolios.
By utilising State Street Global Advisors’ global resources, insights, and trends, Raiz’s customers will gain access to a wider range of financial literacy content and investment education tools.
Launched in 2016, Raiz offers innovative products and features along with an advanced user experience and exceptional customer service.
It also enables Raiz platform users to invest in up to 75 stocks on the Australian Securities Exchange (ASX), exchange-traded funds (ETFs), Bitcoin, and the Raiz Residential Property Fund.
Raiz managing director and CEO Brendan Malone said: “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.”
Currently, the SPDR S&P/ASX 200 Fund, managed by State Street Global Advisors, is the largest single holding in the model investment portfolios offered by Raiz Invest to its customers.
Additionally, State Street Global Advisors’ SPDR MSCI Australia Select High Dividend Yield Fund and SPDR S&P Global Dividend Fund are available on the Raiz Invest platform.
State Street Global Advisors president and CEO Yie-Hsin Hung said: “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.”
