Raiz Invest (formerly Acorns Grow Australia) has launched a superannuation product, Raiz Invest Super, which will work along similar lines to its popular non-super micro-investing platform.

Using a platform that is available via a smartphone app or website, Raiz customers are able to invest automatically into a selected portfolio of exchange traded funds. Raiz offers six ETF portfolios.

Customers can open a Raiz account with $5. They can invest by making lump sum deposits, activate round-ups (investing virtual “spare change” from daily purchases), set up a regular savings plan or use a rewards program with partner brands.

Since its launch in Australia in February 2016, as Acorns Grow Australia, it has grown to $222 million of funds under management. It has attracted 500,000 customers since launching, with more than 165,000 currently active.

The super fund offers the same six portfolio options, ranging from conservative to aggressive. Costs include an investment fee of 0.275 per cent for account balances over $5000, a membership fee of $2 a week, a management fee of 0.88 per cent of total assets, expense recovery estimated at 0.01 per cent and an exit fee of $55.

Someone with $50,000 in Raiz Invest Super would pay $423 a year, all up. Raiz says this fee puts it in the lowest cost quartile for super funds.

Raiz is also developing machine learning and artificial intelligence algorithms to help customers manage their finances. It is working with universities on various projects and has employed Dr Jake An as its in-house researcher.

An’s work is based on pragmatic learning theory, designed to improve the user experience of the platform, make it more hands-on and help people identify and reach their investment goals. Raiz also has a chatbox in beta testing.

Raiz Invest managing director George Lucas says Raiz’s research goal is to empower customers to improve their financial confidence.