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Aviva to take majority stake in Wealthify

05 October 2017 07:17

Aviva has agreed to acquire a majority shareholding in Wealthify Group, 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.

Aviva said the investment was part of its 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.

Aviva UK Digital managing director Blair Turnbull 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.'

Story provided by StockMarketWire.com

Related Company: AV.

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