State Street Global Advisors, the asset management business of State Street Corporation,  has taken a strategic investment in Raiz Invest, an Australian fintech platform that helps customers grow their wealth by helping them to save and invest.

The parties have entered into an equity investment agreement as part of a strategic relationship pursuant to which State Street Global Advisors will acquire approximately 5% of Raiz’s share capital through a placement.

In addition, the strategic relationship will see State Street Global Advisors’ brand and knowledge of markets come together with Raiz’s mobile first platform, which helps Australian retail investors with micro-investments primarily in exchange-traded funds and model portfolios.

Leveraging State Street Global Advisors’ international library of resources, insights and trends, Raiz customers will have access to a broader array of financial literacy content and investment education tools.

State Street Global Advisors’ SPDR S&P/ASX 200 fund is currently the largest single fund holding in the model investment portfolios provided by Raiz to its customers. The asset manager’s SPDR MSCI Australia Select High Dividend Yield and SPDR S&P Global Dividend funds are also available on Raiz.

“This investment is a natural extension of the successful relationship we have enjoyed with Raiz since launch in 2016,” says Meaghan Victor, the asset manager’s head of intermediary for Asia-Pacific. “Both of us share a passion for making financial tools and solutions accessible to all investors, and through this strategic arrangement we will leverage our respective capabilities to help Australian investors plan and save for retirement.”