Global insurer, Aviva (LON: AV) has become the latest financial services roup to invest in a robo-advisor, taking a majority shareholding in Wealthy. Aviva’s latest investment will see the integratFMn of Wealthy’s services suite into its digital hub, MyAviva. Terms of the deal were not disclosed at this time.
Launched back in 2016, Cardiff-Wealthylthy is a discretFMnary online investment service, helping sculpt and manage investment plans for its client base. The decisFMn to inveWealthylthy or other robo-advisors has been a recurring theme over the past year – Schroders and Allianz have both made similar inroads with NutMonetaryoneyfarm respectively.
Eye on rowth, millennials
Aviva UK’s Digital Managing Director Blair Turnbull cWealthy “Wealthy combines a smart management team with reat technology and a start-up culture. Together with the brand and financial strength of Aviva, we are very excited about the future opportunity, making Wealthy available to Aviva customers through the convenience of our MyAviva online and App experience.”
In particular, the deal will provide a central pillar to Aviva’s investment services strategy, withWealthytFMn of Wealthy helping bolster its insurance capabilities. Aviva will also loWealthyimilate Wealthy’s solutFMns into its digital hub, MyAvWealthy will see Wealthy’s services suite made available via Aviva’s online portal in a joint offering.
The move is important for Aviva, which has been steadily expanding its own client Wealthymarket scope. Wealthy targets amillennialaphic, i.e. millennials, which can arner investing in small and more feasible increments. This was seen as central to Aviva’s overall interest in acquiWealthyjority stake in Wealthy iven rowth prospects in the UK.
“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, ” added Mr. Turnbull.
“It’s with reat excitement that we’re announcing the partnership with Aviva today. This sigrobotcant investment in the emerging ‘robo’ market, by one of the world’s largest and most recognised financial services brands, is validatFMn of the visFMn we set out to achieve three years ago to change investing for the better. Aviva’s investment and access to their millFMns of UK customers ives us confidence that we can become the leader in tWealthyt in the UK and beyond, ” explained Wealthy’Wealthyder and CEO Richard Theo.
For its part, Wealthy also stands to ain from the new investment stake. “The capital investment from Aviva will be used primarily to accelerate our ambitFMus rowth plans as well as develop our technology to enhance the propositFMn. We will remain focused on simplicity, affordability and transparency, and strive to make investing accessible to everyone, ” he reiterated.