SC Ventures , the fintech investment arm of Standard Chartered, has partnered with NEXT176 , the venture building arm of Old Mutual, to launch an inclusive financial wellness platform. With a common aim of addressing financial inclusion and enhancing access to budgeting and financial planning tools, this collaboration will integrate two ventures: SC Ventures-backed Autumn, a financial goals and wealth planning app originating from Singapore; and NEXT176-backed 22seven, a budget aggregation and tracking app based in South Africa.

This comprehensive wealth management platform seeks to deliver straightforward, affordable, AI-driven, and Shariah-compliant wealth management solutions to users in the Middle East, Africa, and beyond. Representatives at SC Ventures, based in the UAE, emphasized the increasing demand for advanced wealth management tools in the region, underlining its potential as a significant wealth hub. The platform, to be headquartered in the United Arab Emirates (UAE), aims to offer advanced budgeting, savings, and investment solutions to users in the Middle East, Africa, and Southeast Asia, with a focus on creating a lasting positive impact for future generations.

SC Ventures stressed the significance of enhancing access to financial services through literacy and digital-first platforms. They expressed enthusiasm for the partnership with NEXT176 in democratizing wealth management. The merger, expected to be finalised in Q2 2024 pending necessary approvals, aims to create a comprehensive financial wellness platform aimed at democratizing wealth management, particularly in regions like Africa where wealth management remains exclusive to High-Net-Worth Individuals.

A representative of NEXT176 views the merger as a notable milestone for 22seven and NEXT176, aligning with their objective of positively impacting lives across Africa, Southeast Asia, and the Middle East. SC Ventures, a unit within Standard Chartered, serves as a platform for promoting innovation, investing in disruptive financial technology, and exploring alternative business models, reflecting Standard Chartered's commitment to driving commerce and prosperity through diversity and heritage. .