South African Startup LifeCheq Raises Funding From VC Firm Futuregrowth
South Africa’s Futuregrowth Asset Management through the Futuregrowth Development Equity Fund (DEF) has invested in LifeCheq, a digitised holistic personal finance business that aims to make expert advice accessible to professionals and entrepreneurs who are currently not served well by the existing financial advice industry.
The business has two target markets, mainly individuals for their personal use; and employers, who are interested in offering their employees a financial wellness programme.
These potential markets give it diverse sources of revenue and expand the reach of the business across a variety of individuals and company employee bases, says the company.
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Futuregrowth notes that LifeCheq’s competitive edge is that it tailors and personalises financial advice to suit different individuals with different risk profiles by using data and algorithms to generate solutions.
Narrandes notes that LifeCheq more than met Futuregrowth’s investment requirements.
“We also took comfort from the fact that the business had already built up traction and had proved its credentials and, as a result, we bought into the business vision and proposition,” Narrandes says.
“Most importantly, the business has an impressive management team, with all the credentials and experience to qualify as an A-team. The four co-founders and members of the executive management team have a diverse range of experience from financial services product design to software engineering,” says Futuregrowth investment analyst Kearon Gordon.
LifeCheq aims to become the primary way in which clients engage with their finances and navigate their most important life decisions.
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