Aura Ventures is extremely pleased to announce that Superestate has signed an agreement to be acquired by Raiz Invest (ASX:RZI), Australia’s largest mobile-first financial services platform, through the issuance of 5.3m Raiz shares, valuing Superestate at A$9.5m.
We are supportive of the transaction as it gives us exposure to a number of high-growth Asian markets and mitigates the risk that the ATO will continue to leave SuperMatch turned off.
Raiz experienced strong growth through the Mar’21 quarter, with record results for Active Customers and Funds Under Management (“FUM”) growing 22.1% and 14.6% to A$419.6k and A$694.3m respectively. At its current run rate, Raiz is on target to have A$1.0Bn in Funds Under Management by the end of this calendar year. The acquisition provides mutual benefits allowing the merged entity to increase scale, further asset diversification and operational and growth synergies, all of which will allow the combined group to grow at a faster pace.
Completion of the acquisition is subject to conditions including satisfactory completion of Raiz’s due diligence, the continuation of certain material contracts, escrow agreements in place, transfer of key employees and Superestate being debt free. Completion is expected in late May 2021 or early June 2021.
Important information
This information has been issued by Aura Funds Management Pty Ltd (“Aura”) (ABN 96 607 158 814, Authorised Representative No. 1233893 of Aura Capital Pty Ltd AFSL No. 366 230, ABN 48 143 700 887), the Manager of the Aura Venture Fund I (“Fund”). This information is for accredited, qualified, institutional, wholesale or sophisticated investors only and is provided is for information purposes only and does not constitute an offer or invitation for the subscription, purchase or transfer of interests in the Fund. The information is of a general nature only and has been provided without taking into account the investment objectives, financial situation or needs of any particular investor. Therefore, before acting on the information contained in this report you should seek professional advice and consider whether the information is appropriate in light of personal circumstances. Aura does not guarantee the performance of its funds, the repayment of any capital or any rate of return. Investing in any financial product is subject to investment risk including possible loss. An investment in the Fund should be regarded as speculative. While every care has been exercised in compiling the information contained in this presentation, Aura accepts no responsibility for any errors or omissions within it. Past performance is not an indicator of future performance. Information in this report is based on the information provided to Aura by third parties that may not have been verified. Aura believes that the information is reliable but does not guarantee its accuracy or completeness. Aura is not able to give tax advice and accordingly investors should obtain independent advice from an accountant and/or lawyer before making any decision based on the tax treatment of its investors.
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