Wombat Invest is the latest digital wealth platform to raise money via crowdfunding.
It has raised £251,640 from 433 investors, giving the firm a pre-money valuation of £750,000.
The firm says of its proposition: “[It’s] designed to allow people to invest in some of the world’s best-known brands for as little as £10, Wombat aims to launch their fintech platform by April 2018 in order to empower people to manage, save and grow their money in themed Exchange Traded Funds (ETFs).”
It also 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.
Since passing its target, the firm has appointed a UK based agency to commence the project post-funding and also said it aims to expand into Europe in the future.
You can find more details here.