New Welsh fintech start-up Wealthify launches
Cardiff-based fintech start-up Wealthify, an easy-to-use online investment service, has launched.
The firm has been founded by Dr Richard Theo, the managing director of leading comparison site ActiveQuote.
His latest launch, Wealthify, builds investment plans for customers before investing and managing their money on a daily basis.
As well as this, users are able to monitor their investments from their phone or tablet PC at any time of the day, any day of the week.
Wealthify is Wales’s latest fintech start-up, joining an industry that’s predicted to reach £1.8 trillion in assets within the next decade.
It’s received support from the Welsh Government in the form of £143,000 business finance, which will be used to accelerate development and create 39 jobs.
Welcoming the launch, economy minister Edwina Hart said: “ActiveQuote, which was also supported by the Welsh Government, is an impressive Welsh success story.
“I am delighted the group is now developing another financial technology (FinTech) company also based in Cardiff.
“Wealthify joins an ever expanding list of companies working in the FinTech sector and sends out a strong signal to the financial and professional services sector that Wales is a great place to launch and grow a business.”
Wealthify MD Richard Theo said: “The majority of UK savers are stuck in low-interest cash savings accounts or cash ISAs, earning next to nothing. Investing in the markets is one of the best ways for people to grow their money, yet people don’t.
“We think there’s strong potential for simple, affordable solutions that allow everybody to access stock market returns, regardless of how much they have to invest; this is why we’ve created Wealthify.”
Concluding, he said: “We successfully built a national online health and protection insurance brand with ActiveQuote and aim to emulate our success with Wealthify for investing.
“Help and support from the Welsh Government has been invaluable as the funding will enable us to accelerate the development of the business with the ambition of empowering 1 million savers to become investors in the next decade.”
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