Raiz locks in fintech veteran as new boss

The new hire comes as the multi-award-winning fintech business primes its operations for a major new strategic growth push across the Australian wealth sector.

Keary assumes the top job immediately, bringing a significant corporate pedigree to the company’s executive table.

The company says his background features deep tier-one financial and wealth platform experience, highlighted by high-profile executive stints with blue-chip institutions including HSBC, Westpac and AMP Capital.

Crucially for Raiz’s next development phase, he also holds direct fintech leadership credentials as the former chief executive officer of rival ASX-listed online wealth platform Selfwealth.

To secure the financial heavyweight, Raiz has locked in a total fixed remuneration package of A$500,000, comprising base salary and superannuation. Under the material contract terms, the incoming boss is also eligible for short-term and long-term incentive arrangements.

The board-led transition will see outgoing managing director and chief executive officer Brendan Malone step down after a highly successful six-year tenure at the helm.

Mr Malone has been part of the Raiz fabric since its very inception, steering the platform through its critical early evolutionary phases and successfully listing the entity on the ASX.

His leadership was defined by a massive cultural and operational push to build financial literacy among everyday Australians, effectively democratising the domestic investment landscape.

He will remain on hand to assist with a one-month handover period before taking gardening leave until late May next year.

Raiz Invest chair Ms Kelly Humphreys said: “On behalf of the Board, I thank Brendan for his contribution. Under his leadership, we repositioned the company to focus on our core Australian operations and achieved steady growth, including in revenue, active customer numbers and funds under management. This growth has resulted in the company generating underlying net profits and cashflow, a major achievement during Brendan’s time as CEO.”

Malone’s strategy appears to be clearly paying dividends, building on a formidable corporate backstory that began when the business launched as the Acorns Australia joint venture.

After rebranding and charting its own independent path as a standalone ASX-listed entity, Raiz pioneered the iconic automated “round-up” investment mechanism in Australia.

Its platform has shaken up the traditional wealth landscape by automatically funnelling loose change from everyday transactions into diversified portfolios, cracking open the door to th