PlatformsSep 1 2021

Ex-Hargreaves CIO joins investing app ahead of funding round

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Ex-Hargreaves CIO joins investing app ahead of funding round

Micro-investing platform Wombat Invest has appointed former Hargreaves Lansdown chief investment officer David Davies to its advisory board, amid plans to expand in Europe and beyond.

The London-based robo investing app, which launched in 2019, appointed Davies alongside former managing director of eToro, Iqbal Gandham, on three-year advisory deals.

Davies is currently chief executive officer at Navos Technologies while Gandham is the UK managing director of crypto firm Ledger. 

The appointments come as Wombat, backed by Fuel Ventures, is preparing to raise a £10m Series A funding round to support its growth and forthcoming expansion into Europe.

Davies said: “Wombat is one of the fastest-growing investment platforms in the UK and has exciting plans to expand in Europe and beyond. 

“Its straightforward proposition is perfectly placed to attract huge numbers of new users in every market it enters and I’m delighted to become an adviser to Kane and the Wombat team as they continue to deliver on their ambitious growth strategy.”   

The firm said since its launch it has seen “rapid growth” as novice investors flocked to access its range of theme-based exchange-traded funds. It now has more than 160,000 users and 15 per cent month-on-month user growth.

In July Wombat cut its annual platform charge to 0.1 per cent and claimed it was the cheapest platform in the UK for Isa investors buying individual stocks.

Gandham added: “Wombat is a hugely impressive business with incredible growth potential and a leadership team with vision and skill. I have been following the business closely since launch and it is a pleasure to join the team as an adviser at such an exciting stage of its development.”

The two will join a team of advisers including fintech investor Chris Adelsbach and James Moore, who is the chief operating officer of Your Parking Space and former UK GM at the Trainline.

Kane Harrison, chief executive officer and co-founder of Wombat, said: “We’re fortunate to have a stellar team of advisers and David and Iqbal will further enhance the wealth of knowledge we have around us as we continue to rapidly scale the business.

“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.”

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