By Oliver Smith on Monday 8 February 2021
Taking the total funding raised by the fintech to-date to £2.7m.
Investment app Wombat Invest has secured its first venture funding round after building the business from a £250,000 crowdfunding round in 2018.
Fuel Ventures led the £2m investment in Wombat, whose unique selling point is its thematic and curated ETF portfolios like The British Bulldog (top listed UK companies like Tesco and Rolls Royce) and Pure Gold (just gold ETFs).
Today Wombat says over 62,000 people use its app to invest, with that number growing 20 per cent month-on-month.
“Kane and the Wombat team are breaking open the stock market for everyone and giving young people access to other saving opportunities,” said Mark Pearson, founder and managing partner of Fuel Ventures.
“We haven’t seen a platform like this in Europe. Wombat is the first to help introduce regular, micro-investing into the market—putting people’s concerns at ease by easy investing in things they understand.”
Since launching Wombat has also expanded to offer individual fractional share trading, and the startup says its thematic and fractional range will expand further with its new funding.
Wombat will also add new features to develop its platform, like its recently launched instant deposits.
“A majority of people in the UK and Europe aren’t doing enough to save for their future,” said Wombat’s CEO and founder Kane Harrison.
“With banks providing all-time low-interest rates, we have seen appetite for investing grow, many feel overwhelmed with the perceived complexity of handling shares. Our goal is to make investing in the stock market relatable and less scary.”
“Some of the world’s most successful investors, like Warren Buffett, invest in companies and brands they know, use and understand. We want everyone to have that same mindset,” Harrison.
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