With the rise of a more consumer-friendly investment sector thanks to the rise of digital apps, more and more people are taking up investing. However, there is still considerable anxiety around the process.
Currencycloud recently spoke to Kane Harrison – CEO and founder of investment company Wombat – to discuss in further detail the company’s journey and what Harrison sees as important for setting up your own investor app.
According to Harrison, he saw the need for an easy way to invest that was focused on wealth management at every level.
He said, “One of the most common reasons that people shy away from the act of investing is that they’re overwhelmed or intimidated by the perceived complexities.”
To remove this anxiety, Wombat offers investment opportunities according to categories that are easy to understand – such as stocks or ETFs by industry. Users can find 28 different investment themes within Wombat, including technology and gold amongst others – with the firm anticipating this number to reach almost 40 by the end of 2022.
Harrison said that freedom is ‘at the heart of investment’. This freedom – Wombat claims – allows people to create their own diverse portfolios, choosing any combination of the available options, and the amount they’d like to respectively invest.
Currencycloud said, “The amateur investor of today will at some point cease to be an amateur, especially if they actively engage with learning material on this subject.”
To deal with this, Wombat has introduced a second tier of investment options, for people with a larger investment appetite. The company also has introduced sensible rewards like cashback upon each purchase, which can be used to compound value incrementally
What are the standout lessons from Wombat’s journey? Kane suggested choosing suppliers carefully, taking the due diligence process seriously and incorporating your own growth curve and evolving needs into your choice, hiring the right people at the right time, finding reliable talent that can expand along with your business, ensure relationship quality and remembering investors are people too.
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