Increasing numbers of Australians are using investing platform Raiz to contribute to their superannuation with superannuation funds under management (FUM) rising 158%.
In its latest results on the Australian Securities Exchange (ASX), it said super FUM had increased 158% year-on-year to $183 million at the end of Q1 FY22. This was up from $71 million in September 2020.
This had since increased further to $187 million at the end of November.
Raiz Super worked by users making voluntary contributions to their retail super fund by linking their BPAY details to their Raiz account.
The firm also announced the acquisition of Superestate which provided Raiz with the ability to offer residential property as an investment option in super. Superestate worked by allowing members to allocate a percentage of their super to residential property.
Total FUM on the platform had surpassed $1 billion.
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.