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Thursday, February 16, 2023
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Unique: Wombat Invest prepares a £10M Series A to increase throughout Europe – UKTN


London-based Wombat Invest has rapidly change into one of many fastest-growing funding apps and providers obtainable within the UK. Competing head-to-head with Robinhood and Trading 212 and serving to hundreds of individuals take their first steps in funding, the Britain startup has some huge plans to seize the worldwide market within the coming years. 

In a current chat with UKTN, Wombat’s founder and CEO, Kane Harrison knowledgeable that Wombat Invest now plans to supply providers throughout Europe and are within the early levels of getting ready a £10 million Series A funding spherical. They intend to start the method of growth into particular European international locations early subsequent yr. Currently, the corporate didn’t reveal any info on the buyers however be careful for this area for extra info quickly. 

Grown-up funding, easy sufficient for a kid 

The roots of Wombat Invest may be present in CEO Kane Harrison’s teenage years. An Australian — he moved to the UK ten years in the past — at 15 he was incomes round AU$300 a month working as a checkout operator. His father, who labored in banking, suggested him on funding, however the prices, each of inventory and costs, meant Harrison needed to save a major quantity earlier than he might purchase shares. 

His first buy, AU$800 in a mining firm, was a hit, leaving him with AU$600 revenue. Speaking to UKTN, Harrison defined the impact that had on him. “On the back of my dad’s recommendation, I made $600. As a 15-year-old, that was twice my monthly wage. My reaction was, ‘My God, passive income! I’ve just saved myself two months of work!’ That was what got me hooked on investing.” 

Harrison studied funding, and labored in banking for some time, earlier than shifting to the UK the place he arrange a number of companies earlier than, ultimately, founding Wombat Invest. 

Making funding accessible 

Harrison feels Wombat solves the issues that he confronted as a 15-year making an attempt to speculate, that are nonetheless confronted by anybody taking a look at inventory market investments. There is a excessive barrier of entry, for anybody not well-versed within the inventory market. There are hundreds of shares, creating an awesome selection, and plenty of have such excessive valuations that these trying to begin or to speculate small quantities may not even have the price range for a single share in some shares. And after that, there are fee and brokerage charges that may catch out the unwary investor. 

The consequence is not only that 15-year-old checkout operators have a tough time getting in, however profitable professionals usually really feel unable to speculate. Wombat Invest, due to this fact, seeks to work as a gateway to funding. “Wombat is basically there to solve the problems I had. So, there are fractional shares, and you don’t need to pay commission. Then it helps create good habits through roundups and monthly investments,” Harrison says. It additionally provides one thing to interchange the recommendation and steering he acquired, “We have a lot of in-built learning, just like my dad helped me. It makes it easy for people because 75% of our customers have never invested.” 

Offering a curated number of investments, Wombat provides a center floor between platforms that provide just some funds and people who present unfettered entry to the hundreds of shares being traded on varied markets. While no funding is assured, it implies that buyers are selecting from shares which have some potential and can search for the names and types they already know and like. 

Plans for worldwide growth 

Fuel Ventures-led Wombat Invest has already witnessed speedy progress. Named the fastest-growing funding app by App Radar, the service at the moment has over 160 thousand customers and is experiencing 15% month-on-month progress. They have raised £4.5 million to date and at the moment are trying to the longer term. Already in dialogue with European- and US-based funds, they hope to launch a £10 million Series A spherical later this yr. 

The funding will help deliberate growth into the European market. The funds raised shall be break up between advertising to lift model consciousness, and the expansion of the group, Wombat Invest at the moment has 21, UK-based, employees. 

The intention is to start their European growth early in 2022, focusing on a rustic at a time, establishing their providers regularly throughout the continent. Harrison is eager to make the most of the expansion of the funding market. “There’s a lot of new consumers coming into the market. We feel there is a massive opportunity over the next three years.” 

Despite the standard of his service and app for buyers, Harrison can be eager to focus on the academic advantages it supplies, a mirrored image of the teachings he acquired from his father. “We think Wombat’s a great platform to get new investors onboard,” he says. “It can educate them a little bit about investing, get them into themes and then get them into individual shares. It’s a great way for people to start investing.” 

Interview by Akansha Srivastava


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