Raiz Invest Ltd (ASX:RZI) - growth, unit economics & Aussie FinTech

**Owen Rask** (0:00)
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Brendan, welcome back to the podcast.

**Brendan Malone** (3:21)
Yes, yeah. About 12 months ago. And I think it's great to be here, Owen. And Raiz is that R-A-I-Z. I just came off a call saying, how do you spell that? So that's just an important piece. But what I'm excited about today is we are just about to celebrate our 10th birthday.

**Owen Rask** (3:35)
Yes.

**Brendan Malone** (3:36)
It's next week or the 10th of February. So let's have a good chat and get right into it.

**Owen Rask** (3:40)
Yeah, yeah, absolutely. So for folks that don't know Raiz, you've got the latest quarterly update here. You've got, say, round about figures 340,000 active customers, which are legit active customers. There's a lot of kind of different organizations where name names that put out a customer number and it's not actually a customer number. So for folks that don't use the app, don't know much about the business, like you said, it's 10 years. Where is the business today? What is it like and we'll kind of, we'll step back in time.

**Brendan Malone** (4:12)
Yeah, just to lay the ground. We started this business 10 years ago to the market, 11 years in progress because it took us 10 months to get up and running. It was a joint venture that we bought out from Acorns Grow in Newport Beach. And it's built on two core principles. The first one is small amounts consistently add up. And we now have over 2.1 billion dollars of funds under management. 2.1 billion of small amounts. So it works. It absolutely works. And the second one is the use of technology to make people's lives easier. Leveraging the technology. I was talking to someone yesterday, the willpower. Certain generations had willpower. That has changed. But by using technology to automate your savings, whether it's a dollar a day, a dollar a week, a dollar a month, doesn't matter. It all adds up.