Platform Raiz has seen the funds under management in superannuation rise by 136% year-on-year to $191 million.
In its latest quarterly results to 31 December, 2021, it said superannuation assets increased by 4.1% during the latest quarter.
It particularly saw a “hefty” period between Q4 FY21 and Q1 FY22 when superannuation funds under management rose 72.3%.
Joint group chief executive, Brendan Malone, said: “Despite the broader economic challenges, the last three months of calendar 2021 saw Raiz’s Australian business deliver solid customer growth, as our product suite further penetrated the retail and superannuation market segments”.
Raiz Super worked by users making voluntary contributions to their retail super fund by linking their BPAY details to their Raiz account.
In the investment space, group funds under management peaked $1 billion, up 6.6% from the previous quarter thanks to an increase in users’ balance which now stood at an average of $3,000 per customer.