UK-based micro-investing platform Wombat Invest has appointed David Davies, former CIO at Hargreaves Lansdown, and ex-eToro MD Iqbal Gandham to its advisory board as it prepares to raise a £10m Series A funding round to support its forthcoming expansion into Europe.
Founded in 2019, Wombat currently claims 160,000 users for its mobile-based trading platform, offering access to 31 popular stocks and 22 theme-based curated funds. Shares on offer include well known brands such as Apple, Tesla, Games Workshop, Ocado and Netflix.
Backed by Fuel Ventures, the company last raised a £2 million seed funding round in February.
Wombat says it is currently experiencuing 15% month-on-month user growth as novice investors flock to the stock market in search of better returns on their savings.
In July, 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, says: “The Series A funding round will support our initial expansion into Europe and help us launch and market some exciting and unique new products and features. David and Iqbal’s counsel will be invaluable as we continue on our journey and we are thrilled they have agreed to join the advisory board.”