Standard Chartered Venture Arm, Old Mutual Unit Create New Platform

Editorial Staff

5 April 2024

SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, and NEXT176, the venture building and investment arm of Old Mutual, have partnered to launch an “inclusive financial wellness” platform.

The partnership merges two ventures: SC Ventures-backed Autumn, a financial goals and wealth planning app that was incubated in Singapore; and NEXT176-backed 22seven, a budget aggregation and tracking app based in South Africa.

The platform, which will soon be based in the United Arab Emirates, aims to bring “simple, affordable, AI-led and Shariah-compliant wealth management solutions to users in the Middle East, Africa and beyond,” a statement from SC Ventures said yesterday.

“The UAE and the Middle East are emerging as one of the leading destinations for wealth management globally – whether it’s high net worth income population, Millennials, or Gen Z, there is demand for technologically advanced and highly-customised wealth management tools supported by ongoing financial education,” Benito Mable, Venture and Strategic Partnerships lead based in the UAE, said. “The assets under management in the Middle East rose 16 per cent to $1.2 trillion in 2022, according to BCG. The region is expected to grow further and remain the fourth-largest wealth hub in the world making UAE a perfect market for our base.”

The merger, subject to required approvals, is expected to close in the second quarter of 2024.