Richard Theo leaves after four years in charge. 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. Save Search . Aviva's investment will also support Wealthify's business development, helping to accelerate Wealthify's future growth plans. 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. 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.. Now Theo is selling his remaining shares, along with fellow co-founders Richard Avery-Wright and Michelle Pearce-Burke. Wealthify is a low cost, 'robo' investment service which is making investment affordable and accessible to … As of June 2020, Wealthify is a wholly-owned subsidiary of Aviva. fintechfutures.com/2020/12/2020-r…, Barbados to implement real-time banking 5 October 2017 AVIVA TO MAKE STRATEGIC INVESTMENT IN WEALTHIFY Aviva today announces an agreement to acquire a majority shareholding in... | November 25, 2020 Log In. Global insurer, Aviva (LON:AV) has become the latest financial services group to invest in a robo-advisor, taking a majority shareholding in Wealthify. That round, which saw £661k invested, valued the startup at £10.8m pre-money. Since then, the industry has been abuzz. Actually, both of those things are true. Launched in April 2016 and based in Cardiff, Wealthify aims to attract millennials and those who are new to investment by providing a simple, … Suggest edits Founded. Registered office: St Helen’s, 1 Undershaft, London EC3P 3DQ. Wealthify CEO steps down as Aviva seals acquisition Wealthify. List of Aviva Group 's 12 Acquisitions, including Neos Ventures and Wealthify. Alternatively, post a comment by completing the form below: Your email address will not be published. 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. Required fields are marked *. Today (5 June), the Cardiff-based wealthtech says it will remain “independently run” – but was short on financial details and other specific info. Search Crunchbase. Mastercard makes undisclosed investment in Form3. After six years building up the company, Theo is taking the exit options included in the terms of Aviva’s initial investment in 2018. AltFi provides market-leading news, opinion, insights and events for the rapidly-growing alternative finance and fintech community. Wealthify send me useful updates and interesting articles from time-to-time, but without inundating my mailbox. 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. Episode 18 | Year in review, Mexican challenger albo raises $45m in Series B funding round. Wealthify is a robo-adviser, that lets you invest as little as £1. Try Pro free Solutions. Coinbase files for IPO listing amidst racism scandal. Blair Turnbull, managing director for Aviva UK Digital, said the acquisition was another important step in Aviva’s digital strategy. 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. Wealthify will be accessible to Aviva’s customers through its digital hub MyAviva, alongside other Aviva products and services. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG. 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. 55 Basinghall Street “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.”. The company was backed with a significant investment from Aviva in October 2017. 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. Wealthify joins Starling marketplace Wealthify. Our core focus is on disruption to lending, banking and investing, including alternative lending, challenger banks and digital wealth management. 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. By continuing to use our website, you agree to the use of such cookies. | Wealthify is investing made simple. to allow for analysis of how people use our website in order to Pricing. Customers can make investments with Wealthify, starting from £1 in one of five plans through ISAs and general investment accounts. 2014 Raised. ", 2020 review: Top 10 fintech and bank M&A deals. Resources. Read next: Banco Itaú International picks Temenos Infinity to revamp wealth management. In addition, AltFi runs major industry events around the world. The Cardiff based firm has 40 staff and manages the investments of 30,000 customers. Wealthify is a low cost, ‘robo’ investment service which aims to make investment affordable and accessible to the UK mass market. 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. Despite COVID-19, the financial sector has still enjoyed some notable M&A deals. Please see our website for jobs. Cybercriminals haven’t stopped their activities in 2020. Aviva has spent more than £17 million on Wealthify. Cloud subscription consolidation platform Cledara lands $3.4m, “Most of Cledara’s initial clients came from organic growth. “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. 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. 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. Shortly after forming, the company hit financial troubles. Click here for more information on our. Wealthify 1371. improve your experience and our services. Aviva’s latest investment will see the integration of Wealthify’s services suite into its digital hub, MyAviva. 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. Wealthify, the multi-award-winning digital investment service, today announces the appointment of Ben Luckett as Chairman. 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! Will this news signal the start of an M&A drive for robo advice? ‘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. 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 investment will also support Wealthify’s business development and customer acquisition, helping to accelerate Wealthify’s future growth plans. Resources. AltFi’s Digital Banking State of the Market Report 2020. "Financial services are far from reaching a “new normal”." Aviva’s investment is subject to the regulatory approval process, which we expect to be complete by Q1 2018. Your email address will not be published. Thu, 05 Oct, 2017 - 10:28 Aviva plan to add Wealthify to its MyAviva digital hub alongside a suite of other online products and services. Wealthify will be accessible to Aviva’s customers through MyAviva, where it will be available alongside other Aviva products and services. Simple, intuitive, jargon-free investing for everyone #Fintech #Cardiff. Aviva's acquisition of the Cardiff-based startup is … Wealthify | 5,050 followers on LinkedIn. Richard Avery-Wright will stand down as chairman and member of the Investment Committee. Pictured: Michelle Pearce (CIO, Wealthify), Blair Turnbull (Managing Director, Aviva UK Digital), and Richard Theo (CEO, Wealthify). This website uses cookies, including third party ones, Aviva takes complete ownership of Wealthify Wealthify. Banco Itaú International picks Temenos Infinity to revamp wealth management, London BNPL fintech Zilch latest to enter UK market with $30m, Unit raises Series A funding to offer banking intergration, What the Fintech? 2020 review: Top five cyberattacks this year. 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. Fintech and alternative finance headlines with an exclusive Editor's Note each week. Copyright © 2020 Informa PLC. The additional undisclosed funding follows its $33 million raised in August this year. And this morning the latest acquisition was announced, with Aviva taking a majority stake in Wealthify. Three key strategies for customer experience success Discover effortless, low-cost investing with Wealthify. Find out more, 6th Floor, City Place House The start-up has long struggled with its management of Black employees. Companies People Investors Funding Rounds Acquisitions Schools Events ... Wealthify acquired by Aviva Group . Andrew Russell has been appointed as its new CEO. Expect more from your money. As part of the deal, the founders of the business had the option to sell their remaining shares to the financial services group – … 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. 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. 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. Aviva bought a majority stake in Wealthify in 2018 for £17m. 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. Cardiff-based ‘robo adviser Wealthify has been fully acquired by financial services giant Aviva. 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.. … Finextra. 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. Acquisition TechCrunch, Tech.eu. Advanced. In late 2017, the insurance company Aviva bought out Wealthify and gave them the financial footing and client base they needed to survive. Aviva is taking a majority stake in robo investment startup Wealthify Wealthify Finance Financial Services FinTech Investment A new, effortless and affordable way for Britons to #invest. 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. "Customer experience has become crucial for financial institu… twitter.com/i/web/status/1…, Banks and bad actors: the race to digitally adapt Cardiff-based ‘robo adviser Wealthify has been fully acquired by financial services giant Aviva. Andrew has worked for Aviva for eleven years and has over 20 years’ experience in financial services. Aviva UK Digital Limited acts as an introducer to Wealthify Limited for ISA and General Investment Accounts. Investments can go down in … The underlying investment management services are provided by Wealthify Limited, not Aviva UK Digital Limited. Products. Alan Bristow, CEO of ICON Corporate Finance, said: 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”. Save my name, email, and website in this browser for the next time I comment. Finextra. 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. Whatever, for both Wealthify and Aviva this feels like a good move. @TheFCA makes major changes following LCF and Connaught review Aviva UK Digital Limited is registered in England No. Aviva recently completed its acquisition, so it has a big household name as an owner. Wealthify uses an automated process to create portfolios that align with a client's appetite for risk. fintechfutures.com/2020/12/10x-fu…, We look back at some of the largest job cut announcements in the industry. Wealthify now employs more than 40 people and manages the investments of 30,000 customers. In 2018, Wealthify became majority-owned by Aviva. It was backed by equity crowdfunding platform Seedrs; the fund’s second known contribution to Wealthify. 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). Cyberpunk 2077 makers face potential securities class action lawsuit. fintechfutures.com/2020/12/denmar…, . Cyberpunk 2077 - from lawsuits and refunds to big wins from hedge funds. We’re positive about this, which means we think it’s a good thing, not that we’re positive it’s happening. 25 Apr 2018. Wealthify has gone through a pretty rock history in its ~4 years in existence. Wealthify has appointed Aviva's Ben Luckett as its new chairman after the provider completed its acquisition of the robo-adviser earlier this year. “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. 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. Terms of the deal were not disclosed at this time. Ben is a former Strategy Director for … Delivering new products and features that enable businesses large and small to realise breakthrough innovations. 09766150. Acquisition search results. 05 Jun 2020. By M… twitter.com/i/web/status/1…, 10x Future Technologies [@10XBanking] eyes $100m in Series C round Co-founder and CEO, Dr Richard Theo, will leave the business. Watch Tom Ward perform his stand-up and unveil the winning projects, companies and people of Banking Tech Awards 2020. Aviva has stepped up its interest to the max in UK robo investment service Wealthify and made it a wholly owned subsidiary. Banking Tech Awards 2020 winners unveiled! The company, which was valued at roughly £9.7 million when Aviva invested in 2018, has cost the insurance company more than £17 million. fintechfutures.com/2020/12/barbad…, Denmark to join Eurosystem’s Target2 payment platform [@ecb] Delivered Monday at midday. Last Thursday, Aviva announced an agreement to acquire a majority shareholding in Wealthify Group Limited. 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'S acquisition of the market Report 2020 fully acquired by Aviva back 2018!