Insurer Aviva has announced that it has purchased a majority stake in Wealthify, a one-year-old Welsh start-up that aims to make investments cheaper and more accessible. The hope is that the ‘robo’ investment company will win over millennials who have less time and money to invest.
The company lets people invest small amounts – as little as £1 – and its goal is to get an extra one million people investing over the next decade. Cash can then be withdrawn for no fee.
If the deal is approved by regulators, Aviva customers will also be able to access these services through the MyAviva app. The move is a push to try and attract younger customers and to make financial advice and investment more attainable.