Wombat and TrueLayer Collaborate to Deliver Instant Investment Account Funding
- Investment , Banking
- 04.03.2021 08:40 am
TrueLayer, the leading technology company building financial infrastructure that’s open to everyone today announced a new partnership with Wombat, the award-winning savings and investment platform. Using TrueLayer’s Payments API, Wombat is now providing its customers with the ability to instantly deposit funds into their investment accounts. After just one week of launch, 82% of Wombat’s one-off deposits are now being routed through TrueLayer.
UK-based investment platform Wombat aims to empower generations to, save, manage and grow their money by making investing easy. Powered by Seccl’s custody, trading and settlement API, Wombat offers Investment ISAs, fractional share investing for UK and US stocks, and 22 curated Exchange Traded Funds (ETFs) that help investors build a portfolio that reflects their specific interests. It also encourages positive investment habits through ‘set-and-forget’ features such as monthly automated saving and round-ups.
Wombat customers have traditionally funded their accounts through bank transfers, or cards, which can take days to credit into the investment account. Now with TrueLayer’s market-leading Payments API delivering instant, secure deposits, the majority of its customers are funding and building their investment portfolio in a matter of minutes, allowing Wombat to stay ahead of the changing markets.
“We believe our approach to investing makes us stand out against the competition because we can address a growing demand in the market that has not been attended to by any mobile trading service before, the everyday person who wants to get into investing,” commented Kane Harrison, CEO of Wombat. “The integration of TrueLayer’s Payments API aligns perfectly to our ethos of making investing easy, accessible and transparent. It is faster, more secure and gives our customers an enhanced investor experience.”
“Retail investing is booming, and as more customers look for services that help them save and invest, their expectations are changing. Innovative firms such as Wombat are embracing the benefits of open banking payments to differentiate and drive customer loyalty,” added Jamie Morton, UK Country Manager at TrueLayer. “Its customers have embraced it, with the majority now making their one-off payments through the open banking option after just one week. This doesn't come as a great surprise as we've witnessed a significant uptick in conversion rates with our Payments API, outstripping both card and alternative payment methods.”