SC Ventures, the fintech investment arm of Standard Chartered, has partnered with NEXT176, the venture structuring arm of Old Mutual, to launch a comprehensive financial wellness platform.
The collaboration brings together the two ventures with a common goal of addressing financial inclusion and enhancing access to budgeting and financial planning tools. Backed by SC Ventures, Autumn is a financial goals and wealth planning app from Singapore. 22seven, backed by NEXT176, is a budget aggregation and tracking app based in South Africa.
This comprehensive wealth management platform aims to provide easy, affordable, AI-driven, Islamic law-compliant wealth management solutions to users in the Middle East, Africa, and the rest of the world.
Representatives from UAE-based SC Ventures highlighted the growing demand for advanced asset management tools in the region and highlighted its potential as a key asset hub.
Headquartered in the United Arab Emirates (UAE), the platform provides advanced budgeting, savings and investment solutions to users across the Middle East, Africa and Southeast Asia, with a focus on creating lasting positive impact into the future. It is intended to. generation.
SC Ventures emphasized the importance of strengthening access to financial services through literacy and digital-first platforms. They expressed enthusiasm for the partnership with NEXT176 in democratizing wealth management.
The merger is expected to close in the second quarter of 2024, pending necessary approvals, and is expected to be completed in the second quarter of 2024, with the aim of democratizing wealth management, particularly in regions such as Africa, where wealth management is reserved for the wealthy.・Aims to build a wellness platform.
NEXT176 representatives view this merger as a notable milestone for 22Seven and NEXT176 in line with both companies’ goals of positively impacting the lives of people in Africa, Southeast Asia and the Middle East.
SC Ventures, a division within Standard Chartered, fosters innovation, invests in disruptive financial technologies and explores alternative business models, reflecting Standard Chartered’s commitment to fostering commerce and prosperity through diversity and heritage. serves as a platform for exploration.
