Futuregrowth Invests in SA Personal Finance Startup LifeCheq

• Futuregrowth Asset Management has invested in LifeCheq, a South African startup that provides digitised holistic personal finance.
• LifeCheq provides expert advice for professionals and entrepreneurs who are currently not underserved by the traditional financial advice industry.
• The investment was made last month, through the Futuregrowth Development Equity Fund (DEF), Futuregrowth made known this last week in a statement.

Futuregrowth Asset Management has invested in LifeCheq, a South African-based startup that provides digitised holistic personal finance.

LifeCheq, which was founded in 2015 by Abubakari Malik Addae, Shen Tian, David Jacka and Dylan Flint, who were former employees at life insurance company, Old Mutual.

The startup focuses on making expert advice available to professionals and entrepreneurs who are currently not well served by the traditional financial advice industry.

The investment was made last month, through the Futuregrowth Development Equity Fund (DEF) of the asset manager, Futuregrowth revealed this last week in a statement.

Futuregrowth, who previously invested in SA fintech Yoco in 2018, did not reveal how much it had invested in LifeCheq.

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Amrish Narrandes, head of unlisted equity transactions at Futuregrowth, said in the statement that the investor was motivated by the ability of LifeCheq to use technology to offer a financial service in an attractive way to a far wider market.

LifeCheq is built for both individuals for their personal use and employers who aim to offer a financial wellness program to their employees.

Futuregrowth said these potential markets offer the startup a number of revenue opportunities and extend business scope across a wide spectrum of individuals and company employee bases.

Addae, who serves as CEO, has previously served on the Executive Committee of Old Mutual Emerging Market.

Tian, co-founder and COO on the organizational side, has a history in computational technology and actuarial science.

This, while the startup’s CTO Jacka, combines a background in deep software engineering with a passion for using technology to simplify people’s lives.

Flint, the Head of Advice, has immense experience in all areas of modern finance, including capital markets and product design.