Insurance giant Aviva has bought a majority stake in a British start-up that manages diversified investment plans.
The insurer said Thursday it would allow customers to access "robo" investment firm Wealthify's services via its app MyAviva.
Based in Cardiff, Wales, Wealthify is targeted at millennials and offers five different investment plans via tax-free Individual Savings Accounts (ISAs) and general investment accounts. Customers are able to invest with as little as £1 ($1.32).
"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 ($1.32)," Blair Turnbull, managing director at Aviva U.K. Digital, said in a statement Thursday.
"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."
Aviva did not disclose the value of the majority stake but said it would be looking to build its customer loyalty. The transaction will be subject to approval by the U.K.'s Financial Conduct Authority (FCA) watchdog.