Economy

Aviva reveals investment in United Kingdom robo service

Aviva reveals investment in United Kingdom robo service”

Aviva UK Digital Managing Director Blair Turnbull said: "Wealthify aims to take the complexity out of investing".

Following the deal, Aviva customers will be able to access Wealthify through the online hub MyAviva.

While Cardiff, Wales based Wealthify, which only launched its platform in April 2016, had set itself a target of helping one million United Kingdom savers become investors in the next decade.

Aviva PLC is to acquire a majority shareholding in Wealthify Group Ltd, the holding company of Wealthify, a low cost investment service.

But while the acquisition would seem to support Aviva's fintech ambitions and the promise of more acquisitions, the Financial Times has reminded its readers of comments made by Aviva executives just previous year that "real" robo-advisors had yet to emerge.

The deal will see Aviva add Wealthify to its online services. The product will be integrated into Aviva's online portal MyAviva.

The insurance giant will acquire a majority shareholding in Wealthify Group Limited, the holding company of Wealthify - a company that aims to make "investment affordable and accessible" in the United Kingdom mass market.

The move is important for Aviva, which has been steadily expanding its own client base and market scope.

It was launched in April 2016 having secured £3m in funding, including £1.8m from a crowdfunding campaign that attracted more than 760 investors. "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", Turnbull said.

"It's with great excitement that we're announcing the partnership with Aviva today".

Commenting on the news in a statement, Richard Theo, co-founder and CEO of Wealthify, described the investment as a "validation of the vision we set out to achieve three years ago to change investing for the better".

Aviva's investment will also support Wealthify's business development, helping to accelerate Wealthify's future growth plans.



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