Raiz Invest Limited, an ASX-listed mobile-only financial services platform and funds manager, has reported normalised revenue of A$2.2 million for the three months to 31 March 2020.

This was a 118 per cent improvement on the comparable period in 2019 and, along with a 15 per cent increase in the number of paying customers, generated operating cashflow of $551,000 for the group's Australian operations.

However, the group's total operating cashflow for 3Q20 was a negative $66,000, after expenses of $617,000 associated with its expansion into Indonesia and Malaysia are included.

The Raiz bundll co-branded Mastercard with Flexigroup was released in March 2020 and is slowly being rolled out to customers.

Raiz Invest Super had funds under management of $371m at the end of March – up by 24 per cent over 12 months, but down 16.5 per cent on the prior quarter with COVID-19 dampening operations.