NASPERS, through its early-stage tech investment vehicle Naspers Foundry, said yesterday it had led a R53 million Series A investment in LifeCheq, a fintech platform empowering financial advisers to provide quality, holistic financial advice.
Naspers Foundry invested R40m in LifeCheq with the balance of the round funded by existing investors.
LifeCheq uses technology to drive financial inclusion by democratising access to financial advice – previously only accessible to high income earners.
The transaction marked Naspers Foundry’s fifth fintech investment in South Africa-focused technology companies and 11th tech transaction.
Phuthi Mahanyele-Dabengwa, the South Africa chief executiv of Naspers, said: “We are passionate about supporting entrepreneurs that make a meaningful contribution to society. Through LifeCheq, holistic, personalised financial advice can be made accessible to previously underserved South Africans. LifeCheq is empowering people to take charge of their finances – improving their financial well-being and inclusion in the process. This investment supports our focus of backing purpose-driven technology businesses.”
Abu Addae, co-founder and CEO of LifeCheq, said: “Existing solutions for quality financial advice practically ignore more than 2 billion mass affluent clients globally, simply because they’re not wealthy enough. Our mission is to fix that. It is great to partner with Naspers Foundry. They have taken the time to understand our vision and the opportunity in our offering, and we are extremely excited about the journey ahead.”
BUSINESS REPORT ONLINE