Wombat Invest, the mobile-only fractional investment app, has launched the Women in Power fund that offers exposure to companies taking the lead on gender equality. The fund tracks the stock price of companies in the UK and abroad that lead to board-level gender balance, parental benefits, and equal opportunities and pay.
The exchange-traded fund (ETF) aims to track the Solactive Equileap Global Gender Equality Net Total Return Index. This is an equally-weighted benchmark of 150 companies from around the world that score highly for gender equality according to 19 criteria. It includes Vodafone, Bank of America, ITV, Nike, Macy’s, Unilever, and Mastercard.
Michaela Crisp, Head of Growth at London-based start-up Wombat, said: “Many recent studies have shown that gender diversity has a positive impact on company success by deepening the talent pool, improving organizational culture and bringing new perspectives on problems and challenges. At Wombat, we want to make it both easy and interesting for everyone to invest. Launching this fund gives our users another opportunity to invest in their passions, such as companies leading to gender equality. As a female in Fintech, we must be empowered to create the future for everyone.”
The app is free to use until the user’s account value reaches £1,000. After that, users are charged at £1 per month plus 0.45% of the value of their investments. Investors using Wombat can choose from 22 themed funds, including the new Women in Power, in addition to its recent launch of UK individual fractional shares. This fund is in addition to its range of impact and ESG investing options such as The Green Machine, Medical Cannabis, and The Goodies. Wombat’s approach to investment services is focused on matching users’ lifestyles, interests, and beliefs.
In May 2020, Wombat Invest launched fractional share-trading in some of the top UK companies from as little as £10, the mobile-only investment app announced. The platform, whose customer base is mostly composed of users aged under 45, offers unlimited commission-free trading to encourage new and small-time investors. Wombat found that younger and less experienced investors often want to invest regular, round sums, rather than having to think about multiples of individual share prices. As a result, it is now offering fractional shares in some of the well-known FTSE100 and FTSE250 companies, including Vodafone, Burberry, GlaxoSmithKline, and Ocado.
Wombat is an Appointed Representative of P1 Investment Management Ltd, who are authorized and regulated by the Financial Conduct Authority. Investors’ money may be protected up to £85,000 by the Financial Services Compensation Scheme (FSCS), which means that in the event Wombat Invest Ltd is declared to be in default and cannot meet their obligations, users may be able to claim compensation.
