TrueLayer today announced a new partnership with the savings and investment platform Wombat. Wombat will use FinTech’s payment API and offer its clients the ability to instantly deposit funds into their investment accounts.
“We believe that our approach to investing sets us apart from the competition as we can meet a growing demand in the market that has not been met by any mobile trading service before, the ordinary person who wants to get started. in investing, ”Kane commented. Harrison, CEO of Wombat. “TrueLayer’s payment API integration aligns perfectly with our philosophy of making investing easy, accessible and transparent. It is faster, more secure and offers our clients an improved investor experience.
TrueLayer said that its payment API offers instant and secure deposits, the majority of its clients fund and build their investment portfolio, allowing Wombat to strengthen its position in the market. Wombat aims to empower generations to save, manage and grow their money by making it easier to invest. Powered by Seccl’s Custody, Trade and Settlement API, Wombat offers investment ISAs, fractional equity investments for UK and US stocks, and 22 organized exchange-traded funds (ETFs) that help investors to build a portfolio that reflects their specific interests. It also encourages positive investing habits through “set-and-forget” features such as automated monthly savings and rounding.
“Retail investment is booming, and as more customers seek services that help them save and invest, their expectations are changing. Innovative companies like Wombat are leveraging the benefits of open bank payments to differentiate themselves and retain customers, ”added Jamie Morton, UK Country Director at TrueLayer. “Its customers have embraced it, with the majority now making their on-time payments through the open banking option after just a week. This is not a big surprise as we have seen a significant increase in conversion rates with our payments API, overtaking both cards and alternative payment methods.