Micro investing platform Wombat closes Series A

Micro investing platform Wombat closes Series A

Micro investing platform Wombat has closed its Series A round on £4m, as it gears up for international expansion.

For its international expansion, the company is looking to first move into Europe, where it sees an addressable market of 100 million users. The WealthTech company is also planning to release new products and bolster its marketing efforts.

Fuel Ventures, which first invested into Wombat in 2020, served as the lead investor.

In addition to the venture round, Wombat held a four-week crowdfunding campaign, which closed on 300% of its target. Including the crowdfunding, the micro investing platform has raised £4.2m.

The WealthTech company allows users to trade global stocks and ETFs, commission-free. Users can access a variety of theme-based exchange-traded funds and curated UK, US and EU fractional shares.

Its features include tax-free ISAs, automated investments, educational material and the ability to invest spare change automatically.

The micro investing platform has added a number of services over the past year, including an instant investing account offering with a cashback reward on all purchases. The company recently partnered with payments infrastructure firm Currencycloud to launch its instant investment solution.

Users can instantly buy and sell orders with unlimited commission-free trading and low FX rates.

Speaking on the Series A, Wombat CEO and co-founder Kane Harrison said, “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.

“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.”

Copyright © 2022 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.