Major insurance firm Aviva has acquired a majority stake in Welsh fintech startup Wealthify. No figures for the deal were disclosed.
Launched in 2016, Wealthify is a robo investment service. Its software will join Aviva’s digital hub, MyAviva, to further its growth and development.
“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,” said Richard Theo, CEO of Wealthify.
“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,” said Blair Turnbull, managing director of Aviva UK Digital. “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.”
“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 hassle-free way to invest,” added Theo.