Wombat, a Fintech that offers an app to make investing simple including fractional shares, has apparently gained the backing of a well-known investor Chris Adelsbach.
According to a release, Adelsbach is said to be supporting a crowdfunding round currently active on Seedrs. Details on how much he was investing were not revealed.
“Young investors today care more than any previous generation about investing in companies that reflect their values. Wombat has spotted this trend with its theme-based funds,” commented Adelsbach. “The care that has gone into the design and usability of the app – and the fact it’s free to use – makes it a compelling proposition.”
Chris Adelsbach is co-founder of Outrun Ventures and a venture partner at Techstars. He was named UKBAA Angel Investor of the Year 2018/19. Adelsbach has also invested in other Fintechs including Atom Bank, Railsbank, Smart Pension, and Monese.
Wombat’s CEO and founder Kane Harrison said that his support and guidance will be invaluable for Wombat as it seeks to make investing simpler and less expense.
Wombat’s service is free until your hits £1,000. At that point, Wombat charges of £1 a month plus an annual fee of 0.45 percent of the value of the investments in your account. The ETF provider also applies an annual management charge, which varies from 0.07 percent to 0.7 percent.
Users can select various “themes” like the Adventurer, the Techie, the Social Media Guru and more. The process can be automated. Wombat is FCA regulated and is part of the Financial Services Compensation Scheme.
So what do you get if you invest? Wombat is offering equity at a pre-money valuation of £2.5 million. As of today, Wombat has raised a bit over £254,000 for a 9.21% stake in the firm. Wombat is still rather small indicating that since launch in September the company has acquired over 5,000 users. Wombat has also joined the Natwest Accelerator Fintech Programme.
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