Wombat reaches 200,000 users in time for Christmas

Investment app Wombat Invest has more than doubled its userbase in 2021 as it prepares for European expansion in the new year.

The fintech says it now has 200,000 users, up from 62,000 at the beginning of the year, and is in the process of raising a Series A funding round which it earlier said would be in the region of £10m.

CEO and co-founder Kane Harrison said Wombat had this year seen “huge demand from consumers for mobile-first platforms that make it easy to invest.”

Next up, Harrison said Wombat is preparing to expand its services into Europe in 2022, with new products and features also on the way.

In August, Harrison welcomed David Davies, former Hargreaves Lansdown chief information officer, and Iqbal Gandham, former managing director of eToro onto his advisory team as part of a three-year deal.

Today Wombat also announced that Chad West, former communications director at Revolut, would also be joining the board.

Other advisors to the fintech include investor Chris Adelsbach and James Moore, chief operating officer of Your Parking Space and former UK general manager at Trainline.

“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,” said Harrison.

In July, Wombat cut its annual platform charge to just 0.1 per cent, which it says makes it the cheapest UK platform for ISA investors looking to buy individual stocks.