Aviva bought a majority stake in a robo investment startup for an undisclosed amount.
Investment firm Aviva is now the majority shareholder in Wealthify, which lets people make low-cost investments online. The product will be integrated into Aviva’s online portal MyAviva.
Aviva set up a venture capital fund, Aviva Ventures, with 100 million pounds to invest by 2020, but the Wealthify deal was done directly with Aviva, rather than via the venture capital unit. The fintech based in Wales also announced the transaction on their website. No indication was given as to when the new service will become live and if Asian based Aviva customers will be able to utilise the product.
No Complicated Jargon
Aviva is one of a number of banks, insurers and financial services firms looking to invest in fintech startups in order to future proof their business. finews.asia reported this week that Singapore's largest bank DBS is also on the lookout for a robo solution.
«It is remarkably easy to use, with no complicated jargon, and you can start investing with as little as one pound,» said Blair Turnbull, managing director of Aviva U.K. Digital.
