South African fintech startup LifeCheq has secured funding from Futuregrowth Asset Management to help it expand its holistic personal finance solution to more users.
Founded in 2015, LifeCheq makes expert advice accessible to professionals and entrepreneurs who are currently not well-served by the existing financial advice industry.
The startup uses data and algorithms to tailors and personalise financial advice to suit different individuals, helping both individuals and businesses.
Futuregrowth Asset Management – which also invested in Yoco back in 2018 – finalised an investment in the startup in May, via its Futuregrowth Development Equity Fund (DEF). Amrish Narrandes, head of unlisted equity transactions at Futuregrowth, said the firm had liked LifeCheq’s innovative approach to a complex market like personal finance, “which can be complex and as a result easily-avoided”.
“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,” he said.
Abu Addae, co-founder and chief executive officer (CEO) of LifeCheq, said the company was looking for an investor that would become a long-term partner.
“As founders, we wanted to know that we have an investor who will be there in good times and bad times, whose mandate and objectives align to what we are trying to achieve, and with whom we can build a high trust relationship. Futuregrowth Asset Management met all these criteria,” he said.
“Our business is founded on high quality, tech-based independent advice to a new generation of professionals and entrepreneurs. Our clients are not very well served by an existing financial services industry that is very product- and commission-driven, so the need for independent advice is key. Not only has Futuregrowth supported our vision, but they have also pushed us to take it even further.”