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Wombat Invest return to the crowd

Source: Wombat Invest

Wombat Invest, the investment app, has launched its second equity crowdfunding campaign to raise £200,000 at a pre-money valuation of £2.5million.

The London-based fintech start-up allows investors to trade for free in firms that match their lifestyles, interests and beliefs.

Users can choose from 16 themed funds including ‘The Social Media Guru’, ‘The Foodie’ and ‘The Green Machine’. Investors can auto-invest a certain amount each month and/or use a round-up function linked to a bank account.

The campaign on Seedrs follows an initial crowdfund in 2018, during which Wombat raised £210,000 from more than 490 investors.

Since launching in Summer 2019, the app has acquired over 5,000 users and has joined the Natwest Accelerator Fintech Programme.

Wombat will use the funds to make product improvements, launch and market new funds and build its customer financial education programme.

CEO and founder Kane Harrison said: “Millions of Britons thought about investing last year - but didn’t. Many are put off because saving and investing can seem complicated, time-consuming and expensive.

“Wombat solves all of these problems and we believe it will improve the financial habits of the next generation of savers and investors in the UK, Europe and beyond.

Wombat aims to launch in Europe and Australia within the next three years. It also plans to add more products and features, including premium subscriptions and Junior ISAs.

The app is free to use until the user’s account value reaches £1,000. After that, users are charged £1 per month plus 0.45% of the value of their investments.

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