TrueLayer and Wombat to deliver instant investment account funding
By Megha Bhattacharya
TrueLayer today announced that a new partnership with savings and investment platform Wombat. Wombat will be utilising the FinTech’s payments API and provide its customers with the ability to instantly deposit funds into their investment accounts.
“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.”
TrueLayer stated that its Payments API delivers instant, secure deposits, the majority of its customers are funding and building their investment portfolio, allowing Wombat to strengthen its market position. 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.
“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.”
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