SC Ventures & NEXT176 partner to launch financial wealth platform

By Delisha Fernandes

SC Ventures, the FinTech investment arm of Standard Chartered, has partnered with NEXT176, the venture building arm of Old Mutual, to create a new wealth planning platform.

The collaboration with NEXT176 will see an integration of the outfit’s 22seven, the successful South African budget aggregation and tracking app, with SC Ventures’ financial goals and wealth planning app, Autumn.

“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 and the Middle East,” said Vuyo Mpako, Managing Director, NEXT176.

The new platform resulting from this joint venture will be marketed across Africa and the Middle East and will offer comprehensive financial planning capabilities. NEXT176 and SC Ventures will jointly support the development and expansion of the new solution, with both outfits contributing equally in terms of technology, expertise, intellectual property, and regional reach. NEXT176 will leverage Old Mutual’s strong presence in Africa, while SC Ventures will bring its expertise and network in the Middle East to the relationship.

With collaborative partnerships playing a pivotal role in extending the reach and impact of this ambition, the joint venture between NEXT176 and SC Ventures represents a significant step towards revolutionising and democratising financial planning ensuring greater accessibility and inclusivity for individuals across Africa and the Middle East.