Fractional share trading platform Wombat Invest raises £2 million seed fund
London-based investment and trading app Wombat Invest secured £2 million in a venture funding round after setting up the business from its 2018 crowdfunding round of about £250,000. The 2 million funding round for the fractional share trading platform was led by Fuel Ventures, a London-based early-stage seed venture capitalist firm. The mobile-only investment app will use these funds to help serve its users’ growing need for share investing. The funds will also be used to further develop the Wombat Invest platform to offer easy access to investment and fractional shares in household and international brands.
Wombat Invest execs on raising seed fund
Kane Harrison, Wombat CEO and Founder says that a majority of people in the United Kingdom and Europe are not doing enough to save money for their future. With banking institutions offering all-time low interest rates, Wombat Invest has noticed an appetite for investing increase, however many feel quite overwhelmed with the ‘perceived complexity’ of handling shares, adds Harrison. Wombat’s goal is to make stock market investments relatable and less scary, Harrison adds further.
Fuel Ventures Founder and Managing Partner, Mark Pearson says that Kane and the team of Wombat are successfully breaking open the stock market for everybody and providing young people access to other and better saving opportunities. Pearson adds that the firm has not seen a platform like Wombat Invest in Europe and it is the first to introduce regular, micro-investing in the European market.
Wombat Invest – A fractional share trading platform
The unique selling point (USP) of Wombat Invest is its curated and thematic exchange-traded fund (ETF) portfolios like The British Bulldog and Pure Gold. It includes the UK’s top listed companies such as Rolls Royce and Tesco. As of February 2021, Wombat has over 62,000 users on its app and that number is growing 20% month-on-month.
Founded in the year 2017, the UK-based share trading platform allows its users to invest in big companies. The company recently appointed 2 Growth Marketing Managers and a Head of Marketing to drive growth. Harrison notes that, as for marketing development, 40% of its referrals are organic. He adds that Wombat knows that people are talking about them and that people are recommending Wombat to their friends and family. A ramp up in their marketing efforts will further deepen their market presence while people continue spreading the word, he says.
For more updates and latest tech news, keep reading iTMunch!
Image Courtesy: Freepik