Aviva buys majority stake in robo-advice platform Wealthify
The Cardiff-based firm, fresh from the AltFi WealthTech Summit, will be looking to ramp up its plans to ‘democratise’ finance.
Financial giant Aviva has bought a majority stake in Cardiff-based Wealthify, a robo-advice platform as the firm continues its digital push.
Wealthify, which doesn’t make its AUM public, is “aiming to make affordable and accessible to the UK mass market, since its launch in April 2016.
Its target market, it says, is 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.
The capital investment from Aviva will be used primarily to accelerate the firm’s “ambitious” growth plans as well as to develop technology to enhance its proposition says Richard Theo, the firm’s CEO.
“We will remain focused on simplicity, affordability and transparency, and strive to make investing accessible to everyone,” he 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.”
The investment is part of Aviva’s strategy to build customer loyalty by providing customers with a wide range of insurance and investment services all managed through Aviva’s digital hub, MyAviva.
Wealthify will be accessible to Aviva’s customers through 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.
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.”
“This is another important step in Aviva’s digital strategy. It underlines our commitment to invest in and partner with leading digital businesses, allowing our customers to benefit from new technology and making insurance and investments simpler, easier and more convenient.”
The transaction is subject to regulatory approval.