We are excited to announce that Aviva, the UK’s largest provider of general insurance and leading life and pensions provider, is to make a strategic investment in Wealthify.
This investment is a huge vote of confidence both in the vision we set out three years ago to democratise investing, and in the way we have delivered that vision.
Aviva’s decision to invest in our business reflects a clear shift in market demand towards high-quality, technology-enabled financial services solutions for retail customers. With the backing of such an established and trusted global consumer finance brand, we feel ever-more confident in our mission to wake up the mass-market to the benefits of investing and encourage them to embrace digital wealth management services.
This investment is significant for both organisations. For Wealthify it establishes us as one of the leading digital disruptors in wealth management. For Aviva, it advances their digital strategy to provide an online one-stop-shop for all their customers’ insurance, pension and investment needs, and supports their values of removing complexity and constantly striving to provide a better selection of services which address their customers’ needs. Wealthify will be made accessible, in the near future, to Aviva’s millions of UK customers via the MyAviva digital hub and app, alongside their other products and services.
“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. 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.”
Blair Turnbull, Managing Director of Aviva UK Digital
We will use Aviva’s investment to achieve our ambitious customer acquisition targets, and to enhance our proposition, adding new products, such as Junior ISAs and SIPPs. We will also be growing our team, adding the additional skills and resources necessary to support our expansion.
In addition, I’m particularly delighted to welcome three new non-executive directors, from Aviva, whose experience and expertise will be invaluable as we scale up our business and take on new challenges in the coming years. We are also very excited to be gaining access to the organisational expertise and resources of Aviva, both in the UK and beyond.
We’re proud of our Welsh roots and will grow our business from where it was founded, here in Cardiff. This part of Wales is home to a thriving financial services, software and start-up eco-system, which combined with the Welsh Government’s commitment to establish Cardiff as a centre of excellence for fintech, offers many advantages to a young business like ours.
I’m so proud of the team at Wealthify and of everything we’ve achieved on our incredible journey so far. As we embrace the inevitable changes this important investment will bring, we remain committed to our core principles of simplicity, affordability and transparency. We will continue to strive to make investing accessible to everyone.
Aviva’s investment is subject to the regulatory approval process, which we expect to be complete by Q1 2018.
Pictured: Michelle Pearce (CIO, Wealthify), Blair Turnbull (Managing Director, Aviva UK Digital), and Richard Theo (CEO, Wealthify).
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The comments and opinions expressed in this article are the author's own and should not be taken as financial advice from Wealthify.