Bringing you live news and features since 2006 

Wombat eyes European expansion following close of Series A funding round

RELATED TOPICS​

 

Micro-investing platform Wombat has closed its Series A funding round, raising more than GBP4 million to support its ambitious growth plans, forthcoming product launches and international expansion.

The round was led by long time backer Fuel Ventures, which first invested in the business in 2020. A four-week crowdfund also gave Wombat users and broader community access to the round and closed 300 per cent over target, contributing to a total raise of GBP4.2 million.

 

Since its inception, Wombat writes that it has experienced rapid growth ‘as novice investors – its core demographic – have flocked to access its range of theme-based ETFs and curated UK, US and EU fractional shares’.  It was recognised by App Radar as the fastest growing investment app in 2021 after registering the largest annual increase in downloads.

 

In the past year Wombat has launched a number of initiatives including its instant investing account offering commission-free trading with a unique cashback reward on all buys.

 

It has also appointed to its 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.

 

With the Series A funding now in place, Wombat will accelerate plans to expand internationally – first into Europe, where it estimates it has a total addressable market of 100m users – and increase its investment in marketing and product development.

 

“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,” says Kane Harrison, CEO and co-founder of Wombat.

 

“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.

 

“We would like to thank all the investors who have supported us and see our potential for growth given our progress to date and the huge opportunity in front of us. 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.”

 

 

Latest News

Saving and investing app, Moneybox, has doubled the number of ETFs available on the platform, in the light of ‘growing..
Global X ETFs has announced the appointment of Ryan O'Connor as its Chief Executive Officer effective as of April 8, 2024. ..
Value-driven structured credit investing firm, Angel Oak Capital Advisors, LLC, has announced the completed conversions of two of its mutual..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins and other digital assets, according..

Related Articles

Graham MacKenzie, Toronto Stock Exchange
The evolution of ETFs has been a multi-decade experience for Toronto Stock Exchange says Graham MacKenzie, managing director, Exchange Traded...
Frank Koudelka, State Street Global Services
ETF data provider and ETF Express data partner, Trackinsight, has published its Global ETF Survey 2024 Report: ‘50+ Charts on...
Cryptocurrencies
Matteo Greco, Research Analyst at Fineqia International writes that bitcoin (BTC) ended the week at approximately USD52,150, showing a notable...
US Distribution Awards trophies
The winners of the first US ETF Distribution Awards at the Exchange conference, hosted by ETF Express and sponsored by...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by