The investment app managed the raise after it reached $410.9 million in funds under management at the end of October, up by 62.5 per cent from the year before.

Pricing for the placement was determined via an institutional bookbuild. The placement price of 86 cents represented a 9.5 per cent discount from the last close price of 95 cents on 6 November.

Raiz chief executive and managing director George Lucas said the funds from the placement will be used for working and regulatory capital to support the growth of the business both domestically and in Asia.

“Raiz is well placed to continue to deliver strong growth by capitalising on its well-established platform with multiple and diverse revenue streams across savings, investing, superannuation, spending, partnerships and advertising,” Mr Lucas said.

“There exists a favourable market opportunity in Australia with a highly engaged, diverse and rapidly growing customer base, along with the opportunity to cross sell new products and grow subscriber revenues.”

The raise was supported by a “cornerstone” Indonesian Private Equity fund – which Mr Lucas said highlighted the potential to leverage the success of the existing platform in Indonesia.

The platform now has around 207,824 active customers, up by 17.8 per cent year-on-year.