Raiz Invest, a micro-investing platform, has announced its exit from Malaysia. This joint-venture decided to close the Malaysian chapter following four years since it began operations. The decision was arrived at following a review of the business.
Raiz was genuinely a joint venture between Jewel Digital and Raiz Invest Australia. The Jewel Digital—PNB Group subsidiary launched the platform in Malaysia in 2020. The mobile app allows clients to round up their spending and invest the extra cash.
This company had provided RM3 million for the closure process. This will ensure an orderly and organized wind-down process. Brendan Malone, Raiz CEO, mentioned that they would now focus on the Australian market to build scale and grow their Australian operations.
Raiz will have a phased closure process. Be likely to have the facility to withdraw investments made with them before the actual shut down. However, no closure plan has been intimated to the users so far.
The decision reflects the strategic focus on the Australian market and a desire to drive robust economic performance for shareholders, while further investing in product innovation and marketing campaigns.
