Micro-investing apps are being used by a record high 1.5 million Australians, surpassing the number of self-directed active traders and helping market leader Raiz Invest hit $1 billion in funds under management.
Data given to The Australian Financial Review by Cache Investment Management, which provides back-end infrastructure to wealth and trading platforms, suggests the micro-investing market grew by 22 per cent over the three months to September 30, adding 272,000 users over the quarter.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
