Launched in January 2016 under the name Acorns Australia before rebranding to Raiz Invest, Raiz is the local arm of a US parent company that has offered robo-advice to more than 1 million US investors. It offers something a little different to most other robo-advisors by allowing you to link your bank accounts and credit cards to your Raiz account and then investing the spare change from your daily purchases.
You can set aside a recurring investment amount daily, monthly or weekly, or even invest a lump sum with the help of the Raiz app. Your money can be invested in a choice of 6 diversified portfolios based on your risk tolerance, with fees from $1.25 per month (for accounts under $5,000) or 0.275% p.a. (for accounts over $5,000).