Wombat appoints former Revolut communications director to its advisory board as it celebrates reaching 200,000 users
Micro-investing platform Wombat has appointed Chad West to its advisory board as it celebrates reaching 200,000 users and prepares for its forthcoming European expansion. The former Revolut communications director is the latest industry heavyweight to join the team with former Hargreaves Lansdown CIO, David Davies and ex-eToro MD, Iqbal Gandham, signing three-year-advisory deals in Q3 of this year. The London-based startup is currently undergoing a Series A funding round and has plans to expand its services into Europe in 2022 while also launching several new products and features.
Meanwhile, the number of users on the platform has surpassed 200,000 as demand from retail investors continues to grow. On average, Wombat’s user numbers are currently rising by 15% per quarter and figures from App Radar reveal that it was the fastest-growing investment app based on number of downloads during the pandemic.
The business was launched in 2019 and it has seen rapid growth as novice investors – its core demographic – flock to access its range of theme-based exchange-traded funds (ETFs) and curated UK, US and EU fractional shares. In July 2021, Wombat cut its annual platform charge to just 0.1%, making it the cheapest platform in the UK for ISA investors buying individual stocks.
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.”
Chad West says: “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.”
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