Fintech startup Wombat has picked up a fresh capital boost of over €4.5 million. The London-based company is enabling a new generation of investors with its innovative platform.
The investment world is continuing to see interesting innovation and development. One of the big stand-out trends in this space is micro-investment – a way of enabling newcomers to the investment space to get started with minimal capital commitment.
On a mission to break down barriers in the investment space, Wombat has just secured new funding and is planning its next steps.
The funding
The Series A funding round of over €4.5 million was led by Fuel Ventures, which previously backed Wombat – leading a previous round of about €2.3 million. Additional finances come from a four-week crowdfunding campaign.
Micro-investing on the go
Founded by Kane Harrison in 2017, the London-based fintech offers a mobile-first fractional micro-investment platform that gives everyone the chance to get involved in investing. Users can select from a range of themed funds and individual shares to create a personalised portfolio that reflects their interests. They can begin investing in some of the world’s biggest brands for just €10.
The aim is to break down the barriers to investing and empower a new generation with the tools and knowledge they need to make wise financial choices.
Wombat co-founder and CEO, Kane Harrison: “Wombat has come a long way in the last three years and closing this funding round is another key milestone on our journey to help more budding investors embrace the habit of saving and investing for their futures.”
Rapid growth
Recognised as the fastest growing investment app in 2021, this new funding is a positive sign of health for Wombat – especially considering the wider context of economic pessimism at the moment.
The company has also just launched a number of new projects, including its instant investment account which offers commission-free trading and cashback rewards. It also follows the appointment of some well-known figures to the advisory board – including David Davies, former CIO at Hargreaves Lansdown, Iqbal Gandham, former MD at eToro and Chad West, ex-Revolut communications director.
Moving forward, the London-based startup plan to expand internationally – beginning with Europe. It is estimated to have a total addressable market of 100 million users and plans to increase its investment in marketing and product development.
Kane Harrison, CEO and co-founder of Wombat said: “Against a hugely challenging macroeconomic backdrop, we felt it was appropriate to seek funding with a fair valuation and we feel our decision was rewarded with a raise that will help us achieve our immediate goals in terms of growth, expansion into Europe and product development. The funding will help us deliver on our plans to encourage millions of people to invest and safeguard their futures while offering them a range of engaging and compelling ways to do so.”
via https://www.AiUpNow.com
August 23, 2022 at 09:07AM by contact@bcurdy.com (Patricia Allen), Khareem Sudlow
