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Aviva to buy majority stake in robo-investment service

Aviva Plc agreed to purchase a majority stake in Wealthify Group Ltd., the holding company of Cardiff-based robo-investment service Wealthify, subject to regulatory approval.

The financial terms of the deal were not disclosed.

The acquisition is part of Aviva's strategy to provide customers with insurance investment services through digital hub MyAviva. The insurer said its investment will also support Wealthify's business development and help accelerate its growth plans.

Wealthify, which was launched in 2016 by technology entrepreneur Richard Theo and chartered wealth manager Michelle Pearce, manages low-fee investments through an online service.