It is always exhilarating to watch an Australian tech company go from pre-launch to eventually listing on the ASX via an IPO. The gates are finally opened to every-day investors. Consumers now get the chance to not just use the products they know and love, but also own a piece. While, listing companies get the capital they desperately need to keep growing quickly. It’s a good trade.

Yet, unfortunately, the ASX is also plagued with small tech companies performing shady back door listings, outright fraud and overall business mismanagement (looking at you GetSwift). However, every so often a tech company comes along, such as Xero, that shines a bright light on the ASX listed tech scene.

So which bucket does Raiz Invest belong in? Well, it’s hard to tell either way at first glance, but there are definitely some red flags.