Raize nets €21,000 in first half

Portuguese financial technology startup Raize has announced profits of €21,000 in the first half of 2018 after making a loss in 2017.

The fledgeling company has presented its first results since becoming listed on the pan-European stock market (Euronext) in June.

The €21,000 profits contrasts exactly with the €21,000 loss it made in 2017. The financial platform officially became a PME on 18 June with shares valued at €2 per share.

This week Raize’s shares were quoted at €2.34 which means gains of 17% in the space of almost one month.

Its capital share value on the Euronext stands at €11.7 million. Because it is quoted on the stock market, Raize has to report its financial results to the Portuguese stock market regulator and markets commission CMVM on a quarterly, half-yearly and annual basis.

The fact that  it is quoted on Euronext Access means that it does not have to provide such exhaustive information as is the case for companies which are listed on the PSI-20 such as EDP and Galp.

Apart from its first-half results, Raize has seen an increase of 60% in the value of its assets from €1.6 million at the end of 2017 to €2.5 million at the end of the first half of 2018 which corresponds to a 60% increase in value in the first six months of the year.

Raize filed its admission process to European stock exchange Euronext based in Amsterdam, Brussels, Dublin, Lisbon, London, and Paris in June.

As of November, 2017 the Portuguese fintech, co-founded by Afonso Eça, was managing the largest SME loan portfolio in Portugal with more than 14,000 investors in a total of more than 500 market operations, and it had already provided more than €10 million in helping companies to invest and strengthen their current account balance according to a report in Jornal de Negocios at the time.

Raize Co-Founder Afonso Eça said in June that the fintech would target retail and institutional investors on the stock market.