Micro investing platform Wombat has launched a crowdfunding campaign ahead of its international expansion initiative.
The crowdfund, which is being held on the Crowdcube platform, aims to raise £1m in three weeks.
Wombat is planning to launch into international markets, including Europe, where it estimates it has a total addressable market of 100 million users. It also plans to introduce new products and platform enhancements.
The FinTech company offers a mobile app to trade global stocks and ETFs. It currently boasts over 230,000 users.
Through the app, users can make automated investments, buy fractional shares, automatically round up purchases and invest spare change, and back ETFs. It also has educational material to help people learn more about investing and trends.
Wombat CEO and co-founder Kane Harrison said, “We are really excited to be launching a crowdfunding campaign which will give investors the opportunity to invest in Wombat at a very early stage.
“We’ve come a long way in a very short space of time and have big plans for the year ahead. Not only will we introduce new products and features to support users as they become more experienced and confident investors, we will make our first foray into Europe where we see huge opportunities for Wombat to grow.”
The company recently teamed up with Currencycloud financial software developer Currencycloud. The deal helped Wombat launch its new investment solution that lets people trade more frequently with no initial subscription fee and only a small FX transaction fee.
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