Q1 FY27 highlights: Raiz Invest grows Active Customers 5.6% and FUM 20.2%
In its Q1 FY27 business update for the quarter ended 30 September 2026, Raiz Invest reported Active Customers of 354,202, up 5.6% year on year (YOY). Funds under management (FUM) reached $2.40bn, up 20.2% YOY.
The quarterly update recorded the following headline figures:
- Active Customers of 354,202, up 5.6% YOY (0.8% quarter on quarter, QOQ)
- FUM of $2.40bn, up 20.2% YOY
- Annualised Revenue Per User (ARPU) of $86.69, up 2.9% YOY
- Net flows of $69m onto the platform
- Cash balance of $15.0m at 30 September 2026
Active Customers held steady after quarter end, at 353,872 on 29 October 2026, with FUM of $2.38bn on the same date. That steadiness followed the Transformation Program Raiz announced in August 2026.
The results are unaudited, and Active Customers are fee paying accounts. ARPU is calculated as (quarterly revenue x 4) / (average Active Customers in the quarter).
Craig Keary, CEO
“The underlying Raiz business remains solid, with a significant retail customer base skewing towards the younger investor demographic, and a steady stream of recurring net flows onto the platform.”
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Younger investors drive customer and portfolio growth
Portfolio and customer breakdown
Raiz reported growth across every customer and portfolio category in the quarter. The average account balance rose 13.8% YOY to $6,776.
| Metric | Q1 FY27 | Q1 FY26 | YOY% | Q4 FY26 | QOQ% |
|---|---|---|---|---|---|
| Active Customers | **354,202** | 335,542 | 5.6% | 351,362 | 0.8% |
| Super Customers | **16,101** | 14,396 | 11.8% | 15,792 | 2.0% |
| Plus Portfolios | **52,051** | 46,656 | 11.6% | 51,179 | 1.7% |
| Kids Portfolios | **73,957** | 59,349 | 24.6% | 69,347 | 6.6% |
| Jars Portfolios | **46,729** | 27,943 | 67.2% | 42,545 | 9.8% |
| Lite Portfolios | **10,089** | 1,380 | 631% | 8,569 | 17.7% |
| Average Balance ($) | **6,776** | 5,952 | 13.8% | 6,609 | 2.5% |
Kids portfolios reached 73,957, up 24.6% YOY, and Jars portfolios reached 46,729, up 67.2%. Raiz said Kids portfolios provide a strong pipeline of future customers.
The Lite Plan continued to attract first time investors, with Lite portfolios up 17.7% QOQ to 10,089.
Funds under management by segment
Total FUM of $2.4b was up 20.2% YOY and 3.4% QOQ.
| Segment | Q1 FY27 | Q1 FY26 | YOY% | Q4 FY26 | QOQ% |
|---|---|---|---|---|---|
| Total FUM | **$2.40b** | $2.00b | 20.2% | $2.32b | 3.4% |
| Super FUM | **$508.7m** | $417.4m | 21.9% | $495.6m | 2.6% |
| Plus FUM | **$441.3m** | $346.4m | 27.4% | $424.1m | 4.1% |
| Kids FUM | **$132.3m** | $92.7m | 42.7% | $122.6m | 7.9% |
| Property FUM | **$32.4m** | $31.1m | 4.2% | $33.3m | -2.7% |
Kids FUM was the strongest growth segment at $132.3m, up 42.7% YOY and 7.9% QOQ. Raiz linked this to its appeal for the younger investor demographic, supported by parents and grandparents.
Plus FUM of $441.3m, up 27.4% YOY and 4.1% QOQ, accounted for 18.4% of total FUM. Property FUM was $32.4m, down 2.7% QOQ.
Net flows and how recurring deposits work
Net flows were $69m, up 27.8% QOQ and down 9.2% YOY.
Raiz said net flows are underpinned by recurring deposits, which are relatively steady through the economic cycle.
One-off deposits and withdrawals are influenced by consumer sentiment and can be more variable over time.
Transformation Program and product pipeline
In August 2026, Raiz announced a Transformation Program to deliver stronger capability, execution, performance and internal processes, in order to position the company for sustainable growth. It has four core elements:
- Customer acquisition, conversion and lifetime value
- Brand evolution and market positioning
- AI-enabled customer engagement
- Broader wealth platform enablement
The program is enabled by critical shifts under new leadership:
- Enhancing leadership capability
- Building a high-performance culture
- Improving internal processes
- Exploring strategic M&A opportunities
Management’s immediate priority is the remediation of identified historical issues, strengthening internal processes, building a high-performance culture and engaging with the current customer base. One-off costs incurred to the end of September were approximately $0.5m.
The FY26 financial results set the baseline for the program, with revenue up 21.4% to $29.2m and underlying EBITDA nearly doubling to $5.5m before the Transformation Program was announced.
The Board is not yet able to reliably estimate the potential financial impacts on previously disclosed historical tax matters. It will provide further updates to the market as the external expert review and engagement with regulators progresses.
On products, the development pipeline is focused on US-listed equities and ETFs. Work is progressing on these initiatives, with direct ASX trading to follow thereafter.
What happens next for Raiz
Two follow-up items were flagged in the update:
- Historical tax matters: The Board will provide further updates to the market as the external expert review and engagement with regulators progresses.
- Product development: A further update will be provided in the next quarterly update.
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