Standard Chartered's SC Ventures and NEXT176 Partner to Launch Inclusive Wealth Platform

Standard Chartered's SC Ventures and Old Mutual's NEXT176 collaborate to create a new platform promoting financial wellness for all.

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, has partnered with NEXT176, the venture building and investment arm of Old Mutual, to launch a groundbreaking inclusive wealth platform. This strategic collaboration aims to address financial inclusion and enhance access to budgeting and financial planning tools. The partnership will bring together two innovative ventures: Autumn, a financial goals and wealth planning app backed by SC Ventures and incubated in Singapore, and 22seven, a budget aggregation and tracking app supported by NEXT176 and based in South Africa.

The inclusive wealth management platform will offer simple, affordable, AI-led, and Shariah-compliant wealth management solutions to users in the Middle East, Africa, and beyond. With plans to establish its headquarters in the United Arab Emirates (UAE), the financial hub of the Middle East, this platform will provide advanced budgeting, savings, and investment solutions to users in the Middle East, Africa, and Southeast Asia regions. The goal is to create a lasting positive impact for future generations by democratizing wealth management.

The merger, pending necessary approvals, is set to be finalized in Q2 2024, resulting in a comprehensive financial wellness platform. According to the Africa Wealth report 2023 by Henley & Partners, there is an estimated US$2.4 trillion of investable wealth on the African continent. However, wealth management services are typically reserved for High-Net-Worth Individuals with at least US$1 million in liquid assets, leaving the average individual without access to essential tools and products to plan, grow, and protect their wealth.

The partnership between SC Ventures and NEXT176 to launch an inclusive wealth management platform represents a significant step towards democratizing wealth management and promoting financial inclusion in the Middle East, Africa, and beyond. By providing accessible and innovative solutions, this wealth platform has the potential to empower individuals to take control of their financial futures and build long-term wealth.