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Aviva is taking a majority stake in robo investment startup Wealthify

Aviva is taking a majority stake in robo investment startup Wealthify
From TechCrunch - October 5, 2017

UK-based insurance giant Aviva has announced its buying a majority stake in robo investment startup, Wealthify.

The financial value and exact size of Avivas majority stake has not been disclosed but a spokesman told us: It is a significant investment and importantly, gives us access to Avivas millions of UK customers which will help us to reach the mass market were aiming for.

The transaction remains subject to regulatory approval at this stage.

Aviva says the investment is part of its strategy to build customer loyalty via a range of services that can be accessed by its MyAviva customer portal, while also seeing opportunity to grow Wealthifys business via exposure to the Aviva customer base.

Aviva claims 33 million customers for itslife insurance, general insurance, health insurance and asset management services, across 16 markets.

While Cardiff, Wales based Wealthify, which only launched its platform in April 2016, had set itself a target of helping one million UK savers become investors in the next decade. It tells us it has around 10,000 at this stage.

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