London-based Investoo Group has acquired robo advisor comparison website RoboAdvisors.Com to help the company expand into portfolio management.
The transaction, which was undisclosed, represents a way for Investoo to move into the portfolio management industry by making these types of services affordable and accessible.
RoboAdvisors.Com is a comparison website which allows users to find a robo advisor that suits their requirements for investing in stocks, bonds and ISAs. Through the platform investors pay as little as 0.15 per cent for investments and get full transparency to see where their money is, with changeable risk levels.
London-based Investoo is financial performance marketing company, and has formed partnerships with brands across the Forex, cryptocurrency and retail investment sectors. The firm has already made several other partnerships this year with the company acquiring social trading comparison site SocialTreadingGuru.com and Forex broker comparison platform 110ForexBrokers.com.
Investoo Group CEO Adam Grunwerg said, â€œOur acquisition of this dynamic robo advisor comparison site represents a major turning point in our company as we expand into the retail investments industry. Robo advisors is a rapidly growing market that we feel will revolutionise the personal investments industry.â€
Last week Aviva bought a majority stake in robo advisor provider Wealthify in an undisclosed deal, with the investment helping the company enhance its technology.
Of the WealthTech sector, robo advisors contribution to the sectors overall total investment has stayed roughly the same YOY since 2014, accounting for between 13 and 16 per cent.
Copyright Â© 2017 FinTech Global