06 Oct 2017

The Online Investment Platform which is democratising investing

ICON Corporate Finance have advised Cardiff-based Wealthify on its investment by Aviva PLC.

Wealthify is a low cost 'robo' investment service which is making investment affordable and accessible to the UK mass market. Aviva has announced its agreement to make a significant investment in the company and will become a majority shareholder. The transaction is subject to regulatory approval.

Wealthify aims to attract cash savers, millennials and those who are new to investment by providing a simple, easy to use and low fee digital investment service. For a minimum investment of £1 customers can invest in one of five diversified investment plans through ISAs and general investment accounts. Wealthify offers a fully digital service available across desktop, tablet and mobile that has been recognised for delivering impressive levels of simplicity and ease-of-use.

Wealthify will be accessible to Aviva’s customers through MyAviva, where it will be available alongside other Aviva products and services. Aviva’s investment will also support Wealthify’s business development and customer acquisition, helping to accelerate Wealthify’s future growth plans.

Alan Bristow, CEO of ICON Corporate Finance, said:

“We are delighted to have acted as corporate finance adviser to Wealthify for this transaction. With Aviva’s support and investment, I believe Wealthify can build on its success to meet the changing needs of investors. The Wealthify platform is super slick and in a very short period from start-up, Wealthify has delivered an innovative, disruptive and fully digital ‘effortless investing‘ platform for the mass market, who previously have not had access to world class and simple-to-use investment services. I am delighted for the team and with this investment there are very exciting times ahead for this innovative, digital FinTech leader.”

Richard Theo, Co-founder and CEO of Wealthify, said:

“This significant investment in the emerging ‘robo’ market, by one of the world’s largest and most recognised financial services brands, is validation of the vision we set out to achieve three years ago to change investing for the better. Aviva’s investment and access to their millions of UK customers gives us confidence that we can become the leader in this market in the UK and beyond.

“We are particularly proud that our business was born in Cardiff, home to a thriving financial services, software and start-up eco-system, which benefits enormously from the Welsh Government’s vision to position Cardiff and Wales as one of the UK’s leading locations for fintech and entrepreneurs.

“Aviva’s investment in our business reflects a clear shift in market demand for high-quality, technology-enabled financial services solutions like Wealthify. With the backing of such an established and trusted consumer finance brand, we feel ever more confident in our mission to bring the benefits of investing to mass-market savers and encourage them to embrace our service as a hassle-free way to invest.

“The capital investment from Aviva will be used primarily to accelerate our ambitious growth plans as well as develop our technology to enhance the proposition. We will remain focused on simplicity, affordability and transparency, and strive to make investing accessible to everyone.”

Blair Turnbull, Managing Director, Aviva UK Digital, said:

"Wealthify aims to take the complexity out of investing. It is remarkably easy to use, with no complicated jargon, no expensive fees, and you can start investing with as little as £1. It is particularly aimed at traditional cash savers, who are seeking to diversify their investments, and also at millennials who appreciate an effortless and straightforward digital experience.

“Wealthify combines a smart management team with great technology and a start up culture. Together with the brand and financial strength of Aviva, we are very excited about the future opportunity, making Wealthify available to Aviva customers through the convenience of our MyAviva online and App experience.

“This is another important step in Aviva’s digital strategy. It underlines our commitment to invest in and partner with leading digital businesses, allowing our customers to benefit from new technology and making insurance and investments simpler, easier and more convenient.”

This represents another deal for ICON in the wealth management space, having previously sold Parmenion to Aberdeen Asset Management.