In late 2017, the insurance company Aviva bought out Wealthify and gave them the financial footing and client base they needed to survive. Co-founder and CEO, Dr Richard Theo, will leave the business. 2014 Raised. Required fields are marked *. 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. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. improve your experience and our services. 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! Cyberpunk 2077 - from lawsuits and refunds to big wins from hedge funds. Resources. Copyright © 2020 Informa PLC. Andrew Russell has been appointed as its new CEO. Wealthify uses an automated process to create portfolios that align with a client's appetite for risk. Acquisition search results. Thu, 05 Oct, 2017 - 10:28 Registered office: St Helen’s, 1 Undershaft, London EC3P 3DQ. Aviva UK Digital Limited is registered in England No. Wealthify is a low cost, ‘robo’ investment service which aims to make investment affordable and accessible to the UK mass market. "Financial services are far from reaching a “new normal”." Investments can go down in … 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. 5 October 2017 AVIVA TO MAKE STRATEGIC INVESTMENT IN WEALTHIFY Aviva today announces an agreement to acquire a majority shareholding in... | November 25, 2020 Whatever, for both Wealthify and Aviva this feels like a good move. Simple, intuitive, jargon-free investing for everyone #Fintech #Cardiff. The additional undisclosed funding follows its $33 million raised in August this year. Alternatively, post a comment by completing the form below: Your email address will not be published. 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. Ben is a former Strategy Director for … Blair Turnbull, managing director for Aviva UK Digital, said the acquisition was another important step in Aviva’s digital strategy. Actually, both of those things are true. The company, which was valued at roughly £9.7 million when Aviva invested in 2018, has cost the insurance company more than £17 million. 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. The Cardiff based firm has 40 staff and manages the investments of 30,000 customers. We’re positive about this, which means we think it’s a good thing, not that we’re positive it’s happening. Find out more, 6th Floor, City Place House Please see our website for jobs. Delivered Monday at midday. “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.”. 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. 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. Aviva recently completed its acquisition, so it has a big household name as an owner. Richard Theo leaves after four years in charge. Try Pro free Solutions. 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. Alan Bristow, CEO of ICON Corporate Finance, said: 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. Aviva's investment will also support Wealthify's business development, helping to accelerate Wealthify's future growth plans. Companies People Investors Funding Rounds Acquisitions Schools Events ... Wealthify acquired by Aviva Group . Last Thursday, Aviva announced an agreement to acquire a majority shareholding in Wealthify Group Limited. Aviva's acquisition of the Cardiff-based startup is … @TheFCA makes major changes following LCF and Connaught review Wealthify 1371. Your daily 7am download of all things alternative finance and fintech. Banking Tech Awards 2020 winners unveiled! As part of the deal, the founders of the business had the option to sell their remaining shares to the financial services group – … By M… twitter.com/i/web/status/1…, 10x Future Technologies [@10XBanking] eyes $100m in Series C round Your email address will not be published. Fintech and alternative finance headlines with an exclusive Editor's Note each week. 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. 05 Jun 2020. 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. Episode 18 | Year in review, Mexican challenger albo raises $45m in Series B funding round. Wealthify Finance Financial Services FinTech Investment A new, effortless and affordable way for Britons to #invest. 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. 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. Cybercriminals haven’t stopped their activities in 2020. Shortly after forming, the company hit financial troubles. 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.. Aviva’s latest investment will see the integration of Wealthify’s services suite into its digital hub, MyAviva. "Customer experience has become crucial for financial institu… twitter.com/i/web/status/1…, Banks and bad actors: the race to digitally adapt Now Theo is selling his remaining shares, along with fellow co-founders Richard Avery-Wright and Michelle Pearce-Burke. Finextra. 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. Log In. fintechfutures.com/2020/12/denmar…, . 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. Advanced. Global insurer, Aviva (LON:AV) has become the latest financial services group to invest in a robo-advisor, taking a majority shareholding in Wealthify. Finextra. Cyberpunk 2077 makers face potential securities class action lawsuit. fintechfutures.com/2020/12/10x-fu…, We look back at some of the largest job cut announcements in the industry. Wealthify is a low cost, 'robo' investment service which is making investment affordable and accessible to … Click here for more information on our. Despite COVID-19, the financial sector has still enjoyed some notable M&A deals. “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. List of Aviva Group 's 12 Acquisitions, including Neos Ventures and Wealthify. Aviva has spent more than £17 million on Wealthify. Delivering new products and features that enable businesses large and small to realise breakthrough innovations. Read next: Banco Itaú International picks Temenos Infinity to revamp wealth management. 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). 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. Wealthify CEO steps down as Aviva seals acquisition Wealthify. Customers can make investments with Wealthify, starting from £1 in one of five plans through ISAs and general investment accounts. Wealthify will be accessible to Aviva’s customers through MyAviva, where it will be available alongside other Aviva products and services. 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