Aviva says the investment, for an undisclosed sum, is part of Aviva’s strategy to provide customers with a wide range of insurance and investment services through Aviva's digital hub, MyAviva.
Wealthify was launched by technology entrepreneur Dr Richard Theo and Chartered Wealth Manager Michelle Pearce. Wealthify says it aims to “democratise” investing by helping 1 million UK savers become investor in the next decade. Wealthify has won a number of awards for its platform and service.
Wealthify will be accessible to millions of Aviva 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, says Aviva. The deal is expected to be completed by the first quarter of 2018.
Launched in April 2016 and based in Cardiff, Wealthify focuses on millennials and those who are new to investment by providing a simple, 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.
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 validation of the vision we set out to achieve three years ago to change investing for the better.
“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.
“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.”
Blair Turnbull, managing director, Aviva UK Digital, said: "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.”
Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide. Total group assets are £450bn.