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SC Ventures and NEXT176 partner up to launch financial wealth platform

SC Ventures and NEXT176 partner up to launch financial wealth platform

Standard Chartered’s investment ventures arm, SC Ventures has joined forced with building and investment arm of Pan-African financial services group Old Mutual, NEXT176, to roll out a financial wellness platform.

The move will combine SC Ventures-backed business Autumn, a wealth planning app based in Singapore, and 22seven, a NEXT176-backed app for budget management and tracking based in South Africa.

The new platform was made with financial inclusion as the forefront, intended to allow simple and affordable AI-led wealth management solutions to the Middle East and Africa. The app is expected to be headquartered in the UAE.

SC Ventures venture and strategic partnerships lead in the UAE, Benito Mable, stated: “The UAE and the Middle East are emerging as one of the leading destinations for wealth management globally — whether it’s high net worth income population, Millennials, or Gen Z — there is demand for technologically advanced and highly-customised wealth management tools supported by ongoing financial education. The assets under management (AUM) in the Middle East rose 16% to US$1.2 trillion in 2022, according to BCG. The region is expected to grow further and remain the fourth-largest wealth hub in the world making UAE a perfect market for our base.”

The merger is expected to close in Q2 2024.

Leader at SC Ventures, Alex Manson, commented: “At SC Ventures, we believe strongly in improving access to financial services through a combination of literacy and digital-first platforms. This partnership is a strong example and will contribute to rewiring the DNA in Banking and financial services in our communities. In NEXT176, we found a strategic partner with a shared vision to democratize wealth management. We are looking forward to an impactful venture that will help its clients take ownership of their financial future.”

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