SC Ventures and NEXT176-Backed Fintech Firms Set to Merge by Mid-2024 – Fintech Singapore

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and NEXT176, the venture arm of the Pan-African group Old Mutual, have announced the launch of a new wealth management platform.

This collaboration aims to make financial planning tools more accessible to the broader public, marking a major step towards democratising wealth management.

The partnership brings together Autumn, a financial goals planning app supported by SC Ventures and incubated in Singapore, with 22seven, a South African budget tracking app backed by NEXT176. Subject to regulatory approvals, the merger is anticipated to conclude in the second quarter of 2024.

This merger aims to create a platform that offers simple, affordable, and AI-driven wealth management solutions, including Shariah-compliant options, for users in the Middle East, Africa, and beyond.

Scheduled to be based in the United Arab Emirates, the platform seeks to provide comprehensive budgeting, savings, and investment services to regions including the Middle East, Africa, and Southeast Asia.

This initiative is expected to have a major impact on future generations by improving financial literacy and access to wealth management tools.

It targets a significant portion of the estimated US$2.4 trillion of investable wealth in Africa, aiming to extend wealth management services beyond high-net-worth individuals to the average person.

Alex Manson

“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 democratise wealth management. We are looking forward to an impactful venture that will help its clients take ownership of their financial future.”

said Alex Manson, who leads SC Ventures.

Vuyo Mpako

“This is a significant milestone for 22seven and aligns with NEXT176’s aspiration of positively impacting a billion lives with a product that gives impactful insights into their financial lives across our key geographies on the African continent, and extending to Southeast Asia and the Middle East.

We believe that this merger will further enhance collaboration opportunities between SCV and NEXT176.”

said Vuyo Mpako, Managing Director, NEXT176.

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• Source: https://fintechnews.sg/94193/wealthtech/sc-ventures-and-next176-backed-fintech-firms-set-to-merge-by-mid-2024/