Raiz, the micro-investing app, will cease operations in Malaysia after four years in operation. The app is a joint venture between Permodalan Nasional Berhad’s Jewel Digital Ventures (JDV) and Raiz Invest Australia Ltd.

Launched in mid-2020, Raiz allows Malaysians to invest in Amanah Saham Nasional Berhad (ASNB) funds from as little as RM5 – the idea was to make investing as accessible as using your spare change. The app also recommends an investment portfolio based on the user’s risk profile and financial goals, making it a unique robo-advisors thanks to its micro-investment approach.

Unfortunately, it appears that Raiz has not gained the traction it needed to continue operating in Malaysia. Raiz Invest stated that a decision to shut down the Malaysian operation was made after a strategic review of the business.

Raiz Malaysia will commit a further RM3 million for a structured closure and timely wind-down process, which will be carried out in phases to ensure the secure and efficient management of client assets. For Raiz Invest, this exit is not expected to affect the profit and loss of Raiz’s Australian operations.

“The decision to close the Malaysian Operations will enable Raiz to focus on strengthening and expanding its Australian business. With our continued product innovation and our marketing campaign, we are confident the Raiz Australian business will continue to grow and deliver a strong economic performance for shareholders,” said Brendan Malone, the CEO and Managing Director of Raiz Invest. 

(Sources: Raiz, The Edge Malaysia)

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• Raiz
• Raiz Invest
• Raiz Malaysia