Aviva just made a major investment in fintech startup Wealthify, taking a majority stake in robo-investor platform

Lynsey Barber
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Aviva's taken a majority stake in Wealthify (Source: Getty)

Aviva's made a major plunge into fintech, snapping up a majority stake in Wealthify, a robo-invester startup.

The deal will see Aviva add Wealthify to its online services.

“This is another important step in Aviva’s digital strategy," said Blair Turnbull, managing director of Aviva UK Digital.

"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.”

Read more: Aviva's invested in another fintech startup

Wealthify was launched in early 2016 and aims to make investing easier, with consumers choosing a "style" of investing, from "cautious" to "adventurous". Figures released earlier this year by the Wales-based startup noted a 28.5 per cent increase in the highest risk style and 8.9 per cent in the lowest risk.

"This significant investment in the emerging ‘robo’ market, 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 to change investing for the better," said co-founder and chief executive Richard Theo.

Aviva’s investment and access to their millions of UK customers gives us confidence that we can become the leader in this market in the UK and beyond."

Read more: Aviva and Founders Factory are betting on these five fintech startups

The insurer is increasingly calling itself a fintech company these days, with chief executive Mark Wilson pushing digital progress and investments in fintech. Earlier this year he told City A.M. it was highly likely to acquire one soon.

It has also invested in insurtech startup Neos, smart home firms Cocoon and Roost, and is supporting several startups through a partnership with accelerator Founders Factory.

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