UK robo advisory platform Wealthify is using payment initiation services from Tink to enable users to load and top-up investment funds without leaving the app.
Previously, this was a manual process where people had to initiate the payment separately, by going to their own bank’s app or web service. Now, investors can consent to connect to their bank account in the Wealthify app or web page and complete their payment in a few steps.
In June 2020, Wealthify became a wholly owned subsidiary of insurance and investment giant Aviva and is set to double its 50,000 investors in the coming year. Starting out as a stocks, shares and general investment accounts platform, it has since expanded into ethical investments, junior stocks and shares ISAs and self-invested personal pensions.
Rafa Plantier, UK and Ireland country manager at Tink, says: “This is a significant partnership for Tink in the UK. Payment initiation services, as part of the wider Open Banking movement, gives businesses the ability to create low-cost, uninterrupted transaction journeys that can lead to better conversion rates.”
This new partnership follows Tink’s €85 million investment round at the end of 2020, laying the foundations for the firm's roll-out of payment initiation services across Europe.