AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. Launched in April 2016 and based in Cardiff, Wealthify aims to attract millennials and those who are new to investment by providing a simple, … Customers can make investments with Wealthify, starting from £1 in one of five plans through ISAs and general investment accounts. Cyberpunk 2077 makers face potential securities class action lawsuit. Richard Theo leaves after four years in charge. "Financial services are far from reaching a “new normal”." Save my name, email, and website in this browser for the next time I comment. The Cardiff based firm has 40 staff and manages the investments of 30,000 customers. Aviva has stepped up its interest to the max in UK robo investment service Wealthify and made it a wholly owned subsidiary. Resources. Log In. Click here for more information on our. Registered office: St Helen’s, 1 Undershaft, London EC3P 3DQ. Insurance giant Aviva has become the latest financial services firm to invest in automated robo-advice after agreeing to snap up a majority stake in Wealthify. At the time, Theo reasoned that Aviva’s investment would allow the fintech start-up to pursue its “ambitious customer acquisition targets”, as well as support new products, particularly JISA and SIPPs – which it has now done. Episode 18 | Year in review, Mexican challenger albo raises $45m in Series B funding round. The 40-person firm serves more than 30,000 customers, and will now be run by Aviva’s Andrew Russell, who has spent eleven years working at the insurance giant. Wealthify | 5,050 followers on LinkedIn. Wealthify says it will remain focused on “simplicity, affordability and transparency, as well as our ambition to bring the benefits of investing to mass-market savers”. We’re positive about this, which means we think it’s a good thing, not that we’re positive it’s happening. Wealthify now employs more than 40 people and manages the investments of 30,000 customers. 55 Basinghall Street 5 October 2017 AVIVA TO MAKE STRATEGIC INVESTMENT IN WEALTHIFY Aviva today announces an agreement to acquire a majority shareholding in... | November 25, 2020 Your email address will not be published. Investments can go down in … improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. “The investment is part of Aviva’s strategy to build customer loyalty by providing customers with a wide range of insurance and investment services, all managed through the convenience and simplicity of Aviva’s digital hub, MyAviva,” the company said upon announcing its financial accounts last year. Finextra. Thu, 05 Oct, 2017 - 10:28 Since launching in 2016, the fintech has expanded its original offering of stocks and shares ISAs and general investment accounts to include ethical Investments, junior stocks and shares ISAs and self-invested personal pensions (SIPPs). 2020 review: Top five cyberattacks this year. Acquisition TechCrunch, Tech.eu. Coinbase files for IPO listing amidst racism scandal. Mastercard makes undisclosed investment in Form3. Cloud subscription consolidation platform Cledara lands $3.4m, “Most of Cledara’s initial clients came from organic growth. fintechfutures.com/2020/12/fca-ma…, The 12th edition of the report has responses from over 750 senior banking executives the world over, with a focus o… twitter.com/i/web/status/1…, Useful insights, strong opinions, and a fintech buzzword jailhouse, Matching the right talent with the right organisation, https://www.fintechfutures.com/wp-content/themes/fintech_child/assets/images/logo/fintech-logo.png, Vacuumlabs partners with GPS, the award-winning paytech behind Revolut and Starling. Wealthify is a robo-adviser, that lets you invest as little as £1. Wealthify, the Welsh robo-adviser, is saying goodbye to its CEO and co-founder Richard Theo following the final seal on its acquisition by insurance giant Aviva. The underlying investment management services are provided by Wealthify Limited, not Aviva UK Digital Limited. Roboinvestment firm Wealthify has been acquired by Aviva in a deal that comes three months after the fintech company’s last fundraising round, in July. Global insurer, Aviva (LON:AV) has become the latest financial services group to invest in a robo-advisor, taking a majority shareholding in Wealthify. Delivering new products and features that enable businesses large and small to realise breakthrough innovations. Wealthify is a low cost, ‘robo’ investment service which aims to make investment affordable and accessible to the UK mass market. fintechfutures.com/2020/12/2020-r…, Barbados to implement real-time banking Wealthify send me useful updates and interesting articles from time-to-time, but without inundating my mailbox. Aviva's investment will also support Wealthify's business development, helping to accelerate Wealthify's future growth plans. The start-up has long struggled with its management of Black employees. Aviva to make strategic investment in Wealthify 05 Oct 2017 Aviva today announces an agreement to acquire a majority shareholding in Wealthify Group Limited, the holding company of Wealthify. 2014 Raised. Our testing shows that this really appeals to people who are fed up with the status quo and want to see something a bit different. In 2018, Wealthify became majority-owned by Aviva. Watch Tom Ward perform his stand-up and unveil the winning projects, companies and people of Banking Tech Awards 2020. In October 2017 Aviva, one of the largest insurance companies in the UK, acquired a majority stake in Wealthify and on 5th June 2020 Wealthify became a wholly-owned subsidiary of the Aviva group, however it will continue to be individually run. Now Theo is selling his remaining shares, along with fellow co-founders Richard Avery-Wright and Michelle Pearce-Burke. Aviva UK Digital Limited acts as an introducer to Wealthify Limited for ISA and General Investment Accounts. Aviva and Wealthify are independently covered by the FSCS scheme, so a customer holding investments with both companies may be covered by the FSCS on each of their investment balances up to £85,000. Co-founder and CEO, Dr Richard Theo, will leave the business. Pictured: Michelle Pearce (CIO, Wealthify), Blair Turnbull (Managing Director, Aviva UK Digital), and Richard Theo (CEO, Wealthify). Suggest edits Founded. Cyberpunk 2077 - from lawsuits and refunds to big wins from hedge funds. Aviva UK Digital Limited is registered in England No. Wealthify has gone through a pretty rock history in its ~4 years in existence. Finextra. Copyright © 2020 Informa PLC. The company was backed with a significant investment from Aviva in October 2017. … I am immensely proud of the Wealthify team; I believe we have built a world-class brand and platform which delivers a beautifully simple investing experience that customers love.”, It has been a wonderful and challenging experience to take Wealthify from a humble start-up. Your daily 7am download of all things alternative finance and fintech. The company, which was valued at roughly £9.7 million when Aviva invested in 2018, has cost the insurance company more than £17 million. The digital wealth management firm became majority owned by Aviva back in 2018 but has been fully acquired with its founder/CEO exiting the firm. EC2V 5DU, Digital Banking State of the Market Report, Digital Wealth State of the Market Report, Alternative Lending State of the Market Report, LendInvest CFO Angelie Panteli passes away, New open banking app Yayzy launches ‘carbon off-setting-as-a-service’, Open Banking doubles its user-base to 2m Brits in just six months, Out now! Wealthify remains fully authorised and regulated by the Financial Conduct Authority and our customers’ money can be covered by the Financial Services Compensation Scheme (FSCS) up to £85,000. Try Pro free Solutions. "Customer experience has become crucial for financial institu… twitter.com/i/web/status/1…, Banks and bad actors: the race to digitally adapt 25 Apr 2018. Most of all, I have been very pleased with the management and performance of my ISA, particularly given the current pandemic circumstances and resulting volatility of the stock market. Save Search . Theo said: ‘I have achieved my ambition to create a digital investment service that cuts through complexity and makes investing accessible to everyone, regardless of wealth or experience. List of Aviva Group 's 12 Acquisitions, including Neos Ventures and Wealthify. Blair Turnbull, managing director for Aviva UK Digital, said the acquisition was another important step in Aviva’s digital strategy. ‘On 8 February 2018, Aviva acquired a majority shareholding in Wealthify Group Limited, the holding company of Wealthify, for a cash consideration of £17 million,’ the financial accounts said. Aviva has spent more than £17 million on Wealthify. Wealthify has appointed Aviva's Ben Luckett as its new chairman after the provider completed its acquisition of the robo-adviser earlier this year. 08 Jun 2020. Shortly after forming, the company hit financial troubles. Wealthify CEO steps down as Aviva seals acquisition Wealthify. to allow for analysis of how people use our website in order to Please see our website for jobs. Banking Tech Awards 2020 winners unveiled! By M… twitter.com/i/web/status/1…, 10x Future Technologies [@10XBanking] eyes $100m in Series C round Aviva’s investment is subject to the regulatory approval process, which we expect to be complete by Q1 2018. Three key strategies for customer experience success Richard Avery-Wright will stand down as chairman and member of the Investment Committee. Simple, intuitive, jargon-free investing for everyone #Fintech #Cardiff. Find out more, 6th Floor, City Place House Aviva has spent more than £17 million on Wealthify At the time, Theo reasoned that Aviva’s investment would allow the fintech start-up to pursue its “ambitious customer acquisition targets”, as well as support new products, particularly JISA and SIPPs – which it has now done. Products. Aviva’s investment will also support Wealthify’s business development and customer acquisition, helping to accelerate Wealthify’s future growth plans. Aviva is taking a majority stake in robo investment startup Wealthify Aviva has spent more than £17 million on Wealthify At the time, Theo reasoned that Aviva’s investment would allow the fintech start-up to pursue its “ambitious customer acquisition targets”, as well as support new products, particularly JISA and SIPPs – which it has now done. Required fields are marked *. Aviva bought a majority stake in Wealthify in 2018 for £17m. AltFi’s Digital Banking State of the Market Report 2020. Acquisition search results. Wealthify is a low cost, 'robo' investment service which is making investment affordable and accessible to … Discover effortless, low-cost investing with Wealthify. The additional undisclosed funding follows its $33 million raised in August this year. Alan Bristow, CEO of ICON Corporate Finance, said: Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. Wealthify will be accessible to Aviva’s customers through its digital hub MyAviva, alongside other Aviva products and services. fintechfutures.com/2020/12/barbad…, Denmark to join Eurosystem’s Target2 payment platform [@ecb] While the acquisition is still subject to regulatory approval before being rubber stamped this is considered to be a formality and both companies have already announced statements confirming the deal. Aviva’s latest investment will see the integration of Wealthify’s services suite into its digital hub, MyAviva. Alternatively, post a comment by completing the form below: Your email address will not be published. “We’ve proven the business model, bucked the analysts’ predictions that it couldn’t be done and built a lean efficient sustainable scalable fintech business in Wales.”. Actually, both of those things are true. Cardiff-based ‘robo adviser Wealthify has been fully acquired by financial services giant Aviva. As part of the deal, the founders of the business had the option to sell their remaining shares to the financial services group – … In late 2017, the insurance company Aviva bought out Wealthify and gave them the financial footing and client base they needed to survive. Aviva recently completed its acquisition, so it has a big household name as an owner. That round, which saw £661k invested, valued the startup at £10.8m pre-money. Aviva takes complete ownership of Wealthify Wealthify. Terms of the deal were not disclosed at this time. In 2018 Wealthify became majority-owned by Aviva but following a new transaction - from an option for the founders to sell their remaining shares to Aviva - has brought it fully under the control of the multinational listed insurance firm. 09766150. | Wealthify is investing made simple. Cardiff-based robo adviser Wealthify has appointed former strategy director for Aviva’s UK general insurance Ben Luckett as its new chairman.. Luckett has served on Wealthify’s board since 2019 and is also currently the managing director of Aviva Ventures, Aviva’s fintech-friendly corporate venture fund.. This website uses cookies, including third party ones, It was backed by equity crowdfunding platform Seedrs; the fund’s second known contribution to Wealthify. Wealthify, the multi-award-winning digital investment service, today announces the appointment of Ben Luckett as Chairman. Wealthify joins Starling marketplace Wealthify. Read next: Banco Itaú International picks Temenos Infinity to revamp wealth management. Cardiff-based ‘robo adviser Wealthify has been fully acquired by financial services giant Aviva. As of June 2020, Wealthify is a wholly-owned subsidiary of Aviva. In 2018 Wealthify became majority-owned by Aviva but following a new transaction - from an option for the founders to sell their remaining shares to Aviva - has brought it fully under the control of the multinational listed insurance firm. “The business needs a different set of skills than mine to take it through the next phase of growth and so it’s time for me to pass the baton,” Theo said in a LinkedIn post. ", 2020 review: Top 10 fintech and bank M&A deals. Chairman Avery-Wright is leaving alongside Theo, whilst Pearce-Burke remains in her post as chief investment and operating officer alongside five other members of the senior leadership team. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. 05 Jun 2020. Resources. Advanced. Search Crunchbase. fintechfutures.com/2020/12/10x-fu…, We look back at some of the largest job cut announcements in the industry. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Wealthify uses an automated process to create portfolios that align with a client's appetite for risk. Aviva's acquisition of the Cardiff-based startup is … Andrew Russell has been appointed as its new CEO. Wealthify says it has grown significantly since its launch in 2016, expanding its original offering of Stocks and Shares ISAs and General Investment Accounts to now include Ethical Investments, Junior Stocks and Shares ISAs, and more recently Self-Invested Personal Pensions (SIPPs). Today’s purchase by Aviva of a majority stake in Wealthify has significant implications for the whole UK robo advice community and wider personal savings market.. Cybercriminals haven’t stopped their activities in 2020. Whatever, for both Wealthify and Aviva this feels like a good move. Michelle Pearce-Burke will continue with the business in her post as Chief Investment Officer and Chief Operating Officer, together with the five other members of the senior leadership team. Ben is a former Strategy Director for … Pricing. Today (5 June), the Cardiff-based wealthtech says it will remain “independently run” – but was short on financial details and other specific info. Aviva plan to add Wealthify to its MyAviva digital hub alongside a suite of other online products and services. After six years building up the company, Theo is taking the exit options included in the terms of Aviva’s initial investment in 2018. Last Thursday, Aviva announced an agreement to acquire a majority shareholding in Wealthify Group Limited. And this morning the latest acquisition was announced, with Aviva taking a majority stake in Wealthify. Wealthify will be accessible to Aviva’s customers through MyAviva, where it will be available alongside other Aviva products and services. Wealthify 1371. Will this news signal the start of an M&A drive for robo advice? Delivered Monday at midday. Expect more from your money. In addition, AltFi runs major industry events around the world. Companies People Investors Funding Rounds Acquisitions Schools Events ... Wealthify acquired by Aviva Group . Wealthify Finance Financial Services FinTech Investment A new, effortless and affordable way for Britons to #invest. 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