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Cardiff-based Wealthify will offer digital wealth management service to Aviva’s millions of UK customers.
Aviva today announces an agreement to acquire a majority shareholding in Wealthify Group Limited, the holding company of Wealthify. Wealthify is a low cost, 'robo' investment service which is making investment affordable and accessible to the UK mass market. 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 award-winning tech entrepreneur, Dr Richard Theo and chartered wealth manager, Michelle Pearce, with the aim of attracting millennials and those who are new to investing.
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. 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:
"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.”
Michelle Pearce, co-founder and Chief Investment Officer, Wealthify, said:
“It’s with great excitement that we’re announcing this news with Aviva today. This significant investment in Wealthify, 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. Aviva’s investment and access to their millions of UK customers gives us confidence that we can become a leading digital disruptor in wealth management.
“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.“We’re proud of our Channel Island roots and of the strong connection we’ve retained with Guernsey through our shareholders.”
Richard Avery-Wright of Raw Capital Partners and Chairman of Wealthify, said:
“We are absolutely delighted by the news that Aviva is making a significant investment in Wealthify, a business with very strong connections to the Channel Islands. Much of the investment capital to date has come from the Channel Islands, especially from clients of RAW Capital Partners in Guernsey. The Wealthify team has worked tirelessly for the past three years to deliver an online investment platform that enables anyone to become an investor. It provides a level playing field and access to diversified investment portfolios for people who might have traditionally found it difficult to allocate relatively small amounts of savings efficiently.”
