Wombat appoints ex-abrdn Richard Charnock as UK platform turns to Europe

Rick Steves

Launched in 2019, Wombat provides a dedicated mobile investing platform – available on both iOS and Android – offering users both range and choice.

Wombat, the mobile-first, fractional micro-investment platform, has appointed former abrdn’s chief executive Richard Charnock to its Board of Directors.

The appointment comes on the heels of the company’s ongoing preparations for an European expansion after hitting major user milestone, having surpassed 300,000 users in the United Kingdom.

In August 2022, Wombat closed a Series A funding round led by Fuel Ventures, raising more than £4m to support its growth plans, forthcoming product launches and international expansion.

Wombat estimates it has a total addressable market of 100 million users in Europe, where it anticipates strong demand among novice investors for its range of theme-based exchange-traded funds (ETFs) and curated UK, US and EU fractional shares.

“Wombat has a huge opportunity not only in the UK but in Europe”

Richard Charnock is Wombat’s first external board director and will leverage its deep knowledge and network obtained throughout his career, namely as CEO for discretionary management at abrdn, to help the London-based startup succeed at a European level.

The veteran executive retired from abrdn in May 2022 after leading the discretionary business for 15 years. He has more than four decades of experience in the wealth and asset management space.

In addition to abrdn, where he was latterly central to the growth of the overall wealth business, Charnock previously served as CEO of Williams de Broe and CEO of Lloyds TSB Private Banking, Lloyds TSB IFA and Lloyds TSB Stockbrokers.

Richard Charnock commented on the appointment: “Wombat is one of the fastest-growing investment platforms in the UK and it has some very exciting times ahead of it.

“It is abundantly clear that Wombat has a huge opportunity not only in the UK but in Europe, with so many novice investors on the Continent lacking a truly engaging proposition to help them get started on their investment journeys. I have been very impressed with Kane and the management team and I look forward to helping them deliver their ambitious growth strategy in the months and years ahead.”

Kane Harrison, CEO and co-founder of Wombat, said: “Wombat had a game-changing 2022 and we are absolutely delighted to build on that progress by appointing Richard to our board of directors. We underwent an intensive search for the right person and Richard’s name came up repeatedly among our advisory board members, industry contacts and backers.

“Richard has seen and been part of huge generational changes across the sector as increasing numbers of investors choose to take ownership of their financial futures, and I can think of no-one better to help guide the management team as Wombat continues to scale rapidly, launch new products and prepares to expand into Europe.”

Launched in 2019, Wombat provides a dedicated mobile investing platform – available on both iOS and Android – offering users both range and choice.

With Wombat, users can select from a range of themed funds and individual shares to create a personalised portfolio that reflects their interests, lifestyle, and beliefs.

Wombat Invest Limited is acting as an agent of TrueLayer, who is providing the regulated Account Information Service, and is Authorised and Regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 (FRN: 901096).

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