Naspers Foundry has invested R40 million in financial advisory company LifeCheq.
The technology giant led a R53 million Series A investment round in LifeCheq via its early-stage technology investment platform, Naspers Foundry.
LifeCheq is a financial technology (fintech) platform that makes financial advice more accessible to the public.
“Existing solutions for quality financial advice practically ignore more than 2 billion mass affluent clients globally, simply because they’re not wealthy enough,” said LifeCheq CEO and co-founder Abu Addae.
This funding marks Naspers Foundry’s fifth South African fintech investment and its eleventh technology-based transaction.
Naspers South Africa CEO Phuthi Mahanyele-Dabengwa said that LifeCheq is increasing underserved South Africans’ access to personalised financial advice.
“LifeCheq is empowering people to take charge of their finances — improving their financial well-being and inclusion in the process,” Mahanyele-Dabengwa said.
According to Naspers Foundry head Fabian White, LifeCheq now joins Ctrl, Naked Insurance, Planet42 and Floatpays in Naspers Foundry’s growing investment portfolio.
“We look forward to working with the LifeCheq CEO, Abu Addae and his highly experienced team as they strive to broaden access to financial advice through the use of technology,” he said.
Now read: South African tech manufacturer bites the dust
Subscribe to our daily newsletter