Cardiff-based online investment service
The agreement to acquire a majority shareholding in Wealthify Group Limited, the holding company of Wealthify, was announced earlier today.
Wealthify is a low cost, '
The transaction is subject to regulatory approval.
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 the convenience and simplicity of 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.
Wealthify was launched in Cardiff in April 2016 by
The business received £143,000 funding from the Welsh Government to support the development of the online investing service, which makes the process of becoming an investor easy, quick and affordable.
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.
“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.
“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.”
Richard Theo, co-founder and CEO of Wealthify, said:
“This significant investment in the emerging ‘robo’ market, by one of the world’s largest and most recognised financial services brands, is
“Aviva’s investment and access to their millions of UK customers
“We are particularly proud that our business was born in Cardiff, home to
“Aviva’s investment in our business reflects a clear shift in market demand for high-quality, technology-enabled financial services solutions like Wealthify.
“With the backing of such an established and trusted consumer finance brand, we feel ever more confident in our mission to bring the benefits of investing to mass-market savers and encourage them to embrace our service as a
“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.
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