Boston-based State Street Global Advisors will buy a stake in an Australian fintech platform specializing in micro-investments.
State Street Global Advisors (SSGA) will acquire a 5 percent stake in Raiz, according to a statement. Raiz is a mobile-first fintech platform in Australia that helps retail investors with micro-investments, primarily in exchange-traded funds (ETF) and model portfolios.
The deal will also enable Raiz customers to access financial literacy content and investment education tools from SSGA.
«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, SSGA head of intermediaries APAC.
