Naspers leads R53-million round in SA fintech LifeCheq

Naspers, through its Naspers Foundry investment arm, is leading a R53-million series-A funding round in South African fintech start-up LifeCheq.

Naspers Foundry is investing R40-million, with the remaining R13-million coming from existing investors.

“LifeCheq uses technology to drive financial inclusion by democratising access to financial advice previously only accessible to high-income earners,” Naspers said in a statement on Tuesday.

The investment is the fifth in fintech – and the 11^th overall – for Naspers Foundry, which was established with a R1.4-billion funding commitment to invest in South African technology companies.

LifeCheq has developed an artificial intelligence-powered platform that gives financial advisers the ability to “improve client experience and drive efficiency”.

“Its platform combines integrated workflows and an online dashboard to give its users a central place to manage their personal finances, enabling them to set and track their financial goals,” Naspers said.

“The platform’s financial advisory services guide consumers to achieve their financial goals, covering important topics including high-value purchases such as a new home or car, improving savings and investment habits, and appropriate contributions to pensions.”

LifeCheq, which is led by co-founder Abu Addae, was launched in 2018 and has about 45 000 users in South Africa. The series-A funding will be used to invest in new technology and capabilities to “scale LifeCheq’s platform, accelerate its partner experience and grow its customer base”, Naspers said.  – © 2022 NewsCentral Media