London-based micro-investing platform Wombat has closed its Series A funding round raising over £4 million. The round was led by long time backer Fuel Ventures, which first invested in the business in 2020 that backed Monspire.
International expansion plans
Wombat will use the investment to accelerate its plans to expand internationally starting 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.
This round follows the appointment of a slew of advisory board heavyweight industry figures, including David Davies, former CIO at Hargreaves Lansdown, Iqbal Gandham, former MD at eToro and Chad West, ex-Revolut communications director. Last month, it announced that Fazal Yameen, formerly of US investment unicorn Stash, had joined the growing roster of advisers.
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.”
Makes investing simple for everyone
Founded by Kane Harrison in 2017, Wombat is a mobile-first, fractional micro-investment platform offering everyone the opportunity to become an effortless investor. It provides a dedicated mobile investing platform available on both iOS and Android offering users both range and choice. With Wombat, users can select from a range of themed funds and individual shares to create a personalised portfolio that reflects their interests, lifestyle, and beliefs.
It works with the mission to take the threat out of investing, break down barriers and empower a generation with the tools and knowledge they need to grow and invest in their future. It aims to allow people to invest in the brands they understand, use and love through thematic investing and fractional shares.
The Robinhood rival has witnessed rapid growth as novice investors have flocked to access its range of theme-based exchange-traded funds (ETFs) and curated UK, US and EU fractional shares. It was recognised as the fastest growing investment app in 2021. Also, the company has launched a number of initiatives, including its instant investing account offering commission-free trading with a unique cashback reward on all buys.
