Aviva make strategic investment in Wealthify
Aviva has today announced an agreement to acquire a majority shareholding in Wealthify Group Limited.
Wealthify is a low cost, ‘robo’ investment service which is making investment affordable and accessible to the UK mass market. The transaction is subject to regulatory approval.
Wealthify will be accessible to Aviva’s customers through Aviva’s digital hub, MyAviva, where it will be available alongside other Aviva products and services.
Aviva’s investment will also support Wealthify’s business development, helping to accelerate Wealthify’s future growth plans.
Launched in April 2016 and based in Cardiff, Wealthify aims to attract millennials and those who are new to investment by providing a simple, easy to use and low fee digital investment service. For a minimum investment of £1 customers can invest in one of five diversified investment plans through ISAs and general investment accounts.
Blair Turnbull, Managing Director, Aviva UK Digital, 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. It is particularly aimed at traditional cash savers, who are seeking to diversify their investments, and also at millennials who appreciate an effortless and straightforward digital experience.”
Richard Theo, co-founder and CEO of Wealthify, said: “Aviva’s investment and access to their millions of UK customers gives us confidence that we can become the leader in this market in the UK and beyond.
“We are particularly proud that our business was born in Cardiff, home to a thriving financial services, software and start-up eco-system, which benefits enormously from the Welsh Government’s vision to position Cardiff and Wales as one of the UK’s leading locations for fintech and entrepreneurs.”