Aviva To Buy Majority Shareholding In Low Cost Investment Service Wealthify

(RTTNews) - British life and health insurer Aviva Plc (AV.L, AV) announced Thursday an agreement to acquire a majority shareholding in Wealthify Group Limited, the holding company of Wealthify. The transaction is subject to regulatory approval.

Wealthify is a low cost, 'robo' investment service which is making investment affordable and accessible to the UK mass market.

Aviva said the investment is 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.

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.

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."

Richard Theo, Co-founder and CEO of Wealthify, stated that the capital investment from Aviva will be used primarily to accelerate its ambitious growth plans as well as develop technology to enhance the proposition.