SC Ventures and NEXT176 Collaborate to Launch Financial Wellness Platform

SC Ventures, the investment ventures arm of Standard Chartered, has partnered with NEXT176, the building and investment arm of Pan-African financial services group Old Mutual, to introduce a financial wellness platform, according to Finextra. This initiative merges SC Ventures-backed Autumn, a Singapore-based wealth planning app, with 22seven, a budget management and tracking app backed by NEXT176 in South Africa.

The platform aims to promote financial inclusion by providing simple and affordable AI-led wealth management solutions to the Middle East and Africa, with headquarters planned for the UAE. Benito Mable, SC Ventures’ venture and strategic partnerships lead in the UAE, highlighted the region’s growing demand for advanced wealth management tools, driven by factors like high net worth income populations, Millennials, and Gen Z. According to BCG, assets under management in the Middle East reached US$1.2 trillion in 2022, a 16% increase, positioning the region as the fourth-largest wealth hub globally.

Alex Manson, a leader at SC Ventures, emphasized the importance of enhancing access to financial services through literacy and digital-first platforms. The collaboration with NEXT176 exemplifies this commitment, aiming to democratize wealth management and reshape banking and financial services. The partnership is expected to close in Q2 2024, paving the way for a venture that empowers clients to take control of their financial future.