RAIZ, formerly called Acorns, is a fintech focussed on millenial investors and savers (would-be investors and savers...?!). It's best known proposition is to integrate with your bank account(s) so that whenever a purchase is made a "round-up" value is set aside for investment into one of RAIZ's six ETFs. What's good about their offering is that it is all structured around that piece of technology we can't do without; the phone!
More recently they have expanded their offering into superannuation, so that the aspiring cash strapped millenial can see all their vast wealth in the same place they spend the majority of their time; their i-phone screen!
It was massively overpriced at the IPO, listing at $1.80, which gave it a capitalisation of around ~$120 million (give or take a couple). Not surprisingly it has softened since listing. The funny thing is that millenials don't have much left over after spending all their wealth on their phones!
To be honest, I think this company and technology is better focussed on other demographics than western millenials. I think they recognise this too...they are currently expanding into Indonesia where the banking and finance sector is not particularly advanced...but everyone has a phone!
I don't think this will ever have a market cap of a billion but I think it has the potential to get back to a market cap of ~$100 million (maybe a share price of about $1.50) if the move to Indonesia goes well and if some more Australian millenials decide that they want to see their superannuation on their i-phone screens!