State Street Global Advisors will pick up 5% of Raiz's share capital
Bird & Bird has helped ASX-listed micro-investor platform Raiz Invest to secure an equity investment from State Street Global Advisors, Tiga Trading and Thorney Technologies.
The investment was made through a placement at 41 cents per share – a premium of over 9% to the last ASX closing price, the firm said. Under the equity investment agreement, State Street Global Advisors will also pick up about 5% of Raiz’s share capital.
“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”, said Meaghan Victor, head of intermediary Asia Pacific at State Street Global Advisors.
The funds raised will back Raiz's current efforts to facilitate organic growth and look into M&A opportunities. The team-up also grants Raiz customers access to a wide suite of financial literacy content and investment education tools via State Street Global Advisors’ international resources.
“We are excited to see meaningful interest in this innovative platform from both a major global player and leading Australian investors. As a global firm, we’re passionate about the intersection of technology and financial services, and we are seeing firsthand how innovative technologies are reshaping financial landscapes, enhancing efficiency, and driving unprecedented growth”, Bird & Bird lead partner Chris Clarke said.
Associate Carl Ritchie headed up the firm’s team alongside Clarke.
