State Street Global Advisors Takes Strategic Stake in Leading Australian Fintech Platform Raiz

In This Article:

  • Deepens commitment to Australian market through strategic investment in the Raiz platform that is centred on financial literacy

SYDNEY, August 25, 2024--(BUSINESS WIRE)--State Street Global Advisors, Inc, the asset management business of State Street Corporation (NYSE: STT), today announced a strategic investment in Raiz Invest Limited (ASX: RZI), a leading Australian fintech platform that helps customers grow their wealth by helping them to save and invest. The parties have entered into an equity investment agreement (the "Initial Share Purchase") as part of a strategic relationship pursuant to which State Street Global Advisors will acquire approximately 5 percent of Raiz’s share capital through a placement.

In addition, the strategic relationship will see State Street Global Advisors’ trusted brand and deep knowledge of markets come together with Raiz’s mobile-first platform, which helps Australian retail investors with micro-investments primarily in exchange-traded funds (ETF) and model portfolios. Leveraging State Street Global Advisors’ international library of resources, insights and trends, Raiz customers will have access to a broader array of financial literacy content and investment education tools.

"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," said Yie-Hsin Hung, President and CEO for State Street Global Advisors.

State Street Global Advisors’ SPDR® S&P/ASX 200 Fund (ASX: STW) is currently the largest single fund holding in the model investment portfolios provided by Raiz to its customers. The asset manager’s SPDR® MSCI Australia Select High Dividend Yield Fund (ASX: SYI) and SPDR® S&P® Global Dividend Fund (ASX: WDIV) are also available on Raiz.

State Street Global Advisors Head of Intermediary Asia Pacific, Meaghan Victor, said deepening the existing relationship with Raiz reinforces State Street Global Advisors’ commitment to the Australian market. "This investment is a natural extension of the successful relationship we have enjoyed with Raiz since launch in 2016. Both of us share a passion for making financial tools and solutions accessible to all investors, and through this strategic arrangement we will leverage our respective capabilities to help Australian investors plan and save for retirement."