Aviva has agreed to acquire majority stake in Wealthify Group, the holding company of low-cost, ‘robo’ investment service Wealthify of the UK.
Aviva plans to build customer loyalty by providing a range of insurance and investment services, which will be managed through MyAviva digital hub, and the agreement with Wealthify is part of this strategy.
Aviva customers can access Wealthify through MyAviva, along with other Aviva products and services.
The investment by Aviva will also support Wealthify in accelerating its growth plans and business development.
The transaction is subject to regulatory approval.
Wealthify, launched in April 2016 in Cardiff, provides low-fee digital investment service to millennials and those new to investment.
Aviva UK Digital managing director Blair Turnbull said: “Wealthify aims to take the complexity out of investing. It is remarkably easy to use, with no complicated jargon, no expensive fees, and you can start investing with as little as £1.
“Wealthify combines a smart management team with great technology and a start-up culture. Together with the brand and financial strength of Aviva, we are very excited about the future opportunity, making Wealthify available to Aviva customers through the convenience of our MyAviva online and App experience.”
Wealthify co-founder and CEO Richard Theo said: “Aviva’s investment in our business reflects a clear shift in market demand for high-quality, technology-enabled financial services solutions like Wealthify.
“The capital investment from Aviva will be used primarily to accelerate our ambitious growth plans as well as develop our technology to enhance the proposition. We will remain focused on simplicity, affordability and transparency, and strive to make investing accessible to everyone.”
Image: Head office of Aviva plc in St Helen's, London. Photo: courtesy of Aviva plc.