Lot's of M&A expected in the ROBO space, too many players with too little scale, but good tech and UX. Get bought by an incumbents and win win
UK insurer Aviva has acquired a majority stake in a startup robo-adviser for an undisclosed sum. The purchase goes some way to fulfilling a promise made earlier this year by chief executive Mark Wilson who said: "We want to turn Aviva into a fintech." Wealthify launched in Cardiff just over a year ago and raised more than £1m through a crowdfunding campaign shortly after based on a valuation of £9.7m. The robo-advisor, which offers retail investors access to a number of savings and investment plans for as little as £1, will be integrated into Aviva's online portal MyAviva, alongside other digital products.