The firm is using Crowdcube to raise equity capital ahead of launching its online investment service.
Wombat, a new name in the fast moving world of digital wealth management, has launched a crowdfunding campaign aiming to raise £250,000.
Whilst not strictly a robo-advisor – it doesn’t offer advise and/or risk-targeted portfolios – the firm will allow investors to hold ETF-based portfolios from just £10 initial investment. It aims to launch its platform by April 2018 and raise a further £1-2 million pounds within 12 months of operation to implement the second phase strategy.
Wombat uses thematic portfolios and aims to encourage investors to put their cash towards firms that interest them via ETFs.
Its pitch says in the first year following the closing of the fundraising it will build and market the product. In Year 2 will offer new products, premium subscription and expand into Europe. In Year 3 it will aim to launch new products and further grow internationally.
Wombat will operate a subscription and percentage of assets based model, charging a £1 monthly fee to all customers, a platform fee of 0.45 per cent, and a ETF provider fee of 0.25 per cent.
The campaign has already raised £155k and has 18 days left before it closes. Campaigns that don’t reach their goal in their stated period do not receive any of the funds.
You can find more details here.
The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.