Aviva plunges into ‘robos’ with Wealthify stake

Aviva has taken the plunge into the world of “robo” investment services by snapping up a majority stake in Welsh service Wealthify.

After the deal, the service will be offered to Aviva customers on the insurer’s MyAviva digital hub.

Financial terms were not revealed but Aviva said that buying the app, aimed at savers and millennials, would help it to build loyalty by offering insurance and investment services.

Wealthify, which was started by tech entrepreneur Richard Theo in Cardiff last year, has 10,000 customers and offers savers the ability to invest as little as a £1, with charges capped at 0.7%. However, it stops short of offering investment advice.

Theo said Wealthify would continue to focus on producing a low-cost digital investment service. “This significant investment 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.”

Rival insurer LV= bought a majority stake in Wealth Wizards last year.