The London-based fintech startup Wombat received a significant funding of over €4.5 million. With their innovative platform, Wombat enables a new generation of investors.
Small investments are attracting new investors with little startup money. These new investors are able to enter the investment world through micro-investments. This trend in the investment world has a lot of ongoing development and innovation.
Wombat recently received additional funding in order to remove investment barriers. They’re currently planning their next moves.
The Funding
Nearly €4.5 million was raised during Series A funding. This was led by Fuel Ventures, which previously led a round of approximately €2.3 million for Wombat. Additionally, funding was provided by a four-week crowdfunding campaign.
Micro-Investing On The Go
Founded by Kane Harrison launched in 2017, their mobile-first fractional micro-investment platform offers everyone the opportunity to invest. Users can choose from a variety of funds and individual stocks through their personalized portfolio. With just €10, they can begin investing in some of the world’s biggest brands.
In order to give a new generation of people the knowledge and tools they need to make wise financial decisions, the goal is to remove any investment barriers.
Kane Harrison, co-founder and CEO of Wombat, stated that completing this funding round was another major milestone for the company.
Rapid Growth
The 2022 recognition of Wombat as the fastest growing investment app is a positive sign in an otherwise pessimistic economic time. This new funding comes at a time when many investors are worried about their investments.
A recent addition to the company is a commission-free investment account with cashback rewards. This comes shortly after the company launched several new projects, including appointing Chad West — Revolut’s former communications director — and Iqbal Gandham — former emToro managing director — to its advisory board. David Davies, former CIO of Hargreaves Lansdown, was also appointed to the board.
The London-based startup plans to begin their international expansion with Europe. They estimate that their product has a total 100 million person addressable market, and they plan to increase their investment in product development and marketing.
Kane Harrison, co-founder and CEO of Wombat, stated that he thought it was necessary to get funding with a fair valuation. He continued by saying that he felt rewarded by the raise because it would help them grow, expand into Europe, and develop new products. Harrison added that the funding would assist them in making millions of people invest their money with care. Additionally, they could provide these people with many attractive and engaging ways to do so.
