Aviva acquires majority in ‘robo’ services provider

UK-based Aviva said on Oct. 5 that it agreed to acquire a majority shareholding in Wealthify Group, the parent company of 'robo' investment service provider Wealthify.

Wealthify is making investment affordable and accessible to the UK mass market, Aviva said in the press release. The technology 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.

Launched in April 2016 and based in Cardiff, Wealthify aims to attract 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.

Blair Turnbull, managing director, Aviva UK Digital, said: “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.”

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