In a statement to the ASX, Raiz Invest said it will position itself in Indonesia as an aspirational product to improve, through hands-on learning, financial literacy and financial inclusion, similar to Australia.
It said the addressable consumer class in Indonesia is around 55 million people and expects this to grow to 110 million in 10 years time.
Raiz Invest chief executive George Lucas said he’s very excited about the expansion into Indonesia.
“We believe that, just like in Australia, Raiz will be a game changer on how people invest. Raiz Invest will be the innovative solution for anyone who wants to start investing, but has never really taken the first step,” Mr Lucas said.
“As outlined in the prospectus last year, our growth strategy includes expansion in to Southeast Asia and Raiz Indonesia is the start with more countries to follow.”
In September last year, Raiz Invest released a Facebook chatbot as part of a larger effort to engage Millennial clients.