Wombat taps advisors from Revolut, Hargreaves, eToro for European expansion

Rick Steves

“The advice and guidance of our expert advisors has been instrumental in the growth of Wombat so far and we are delighted to welcome Chad to the team as we prepare for the next stage of our development.”

Wombat wants to expand across Europe and launch new products and features in 2022. A strong and knowledgeable advisory team will come in handy to achieve those goals successfully.

The micro-investing platform has thus appointed former Revolut communications director Chad West to its advisory board in a move that follows the addition of ex-Hargreaves Lansdown CIO David Davies and ex-eToro Managing Director Iqbal Gandham.

FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages  

Fastest growing investment app during the pandemic

The advisory deals were announced as the London-based startup undergoes a Series A funding round in order to fuel its European expansion plans and new products launches.

“Wombat has proven that it is one of the most exciting new investment platforms in the UK and has laid the foundations for a very bright future. It has a compelling proposition, a fantastic user journey and a brilliant team in place, and I look forward to working with them as they continue to build on all of the great work they’ve achieved to date”, said Chad West.

Wombat has recently registered 200,000 users in the investment platform, a sign that the startup is meeting the needs of its target audience. Now, the goal is to achieve the same kind of success in the European continent.

The broker is recording a 15% quarterly rise in new clients, having been the fastest growing investment app based on number of downloads during the pandemic, according to App Radar.

Wombat targets retail traders

Launched in 2019, the trading platform targets novice investors who flock to access its range of theme-based exchange-traded funds (ETFs) and curated UK, US and EU fractional shares.

The pandemic has accelerated the trend of the retail segment and Wombat has strengthened its offering by cutting its annual platform charge to just 0.1% since July 2021.

Kane Harrison, CEO and co-founder of Wombat, said: “There is huge demand from consumers for mobile-first platforms that make it easy to invest. Our mission is to support and encourage as many people as possible to start investing by making it simpler, cheaper and fairer.

“We are proud of how many new investors have chosen Wombat to manage their money and are fully committed to ensuring they have all the tools and knowledge to continue to invest in the way that they want.

“The advice and guidance of our expert advisors has been instrumental in the growth of Wombat so far and we are delighted to welcome Chad to the team as we prepare for the next stage of our development.”

 

Read this next

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

Digital Assets

Zodia Custody and SBI Digital Asset Holdings launch JV for crypto asset custodian in Japan

“Zodia Custody is both proud and excited to be working with SBI DAH to help set up SBI Zodia Custody; the first tier 1 crypto asset custodian for institutions in Japan.”

Digital Assets

Paxos opens R&D center in Israel to focus on transaction signing and crypto custody security

“Paxos is looking to expand its team in Israel in 2023 and beyond, giving engineers the opportunity to work on cutting-edge financial products and shape the future of the global economy.”

<