Press release

NEXT176 and SC Ventures partner for new wealth planning platform

Apr 4, 2024
min read

NEXT176, an innovative partnerships and ventures hub backed by Old Mutual, has announced a strategic partnership with complementary outfit SC Ventures, to create a best-of-breed financial planning platform. SC Ventures is international banking group Standard Chartered’s innovation, fintech investment and ventures arm.

The collaboration with NEXT176 will see an integration of the outfit’s 22seven, the successful South African budget aggregation and tracking app, with SC Ventures’ financial goals and wealth planning app, Autumn.

“This is a significant milestone for 22seven and aligns with NEXT176’s aspiration of positively impacting a billion lives with a product that gives impactful insights into their financial lives across our key geographies on the African continent, and extending to Southeast and the Middle East,” says Vuyo Mpako, Managing Director, NEXT176.

The new platform resulting from this joint venture will be marketed across Africa and the Middle East and will offer comprehensive financial planning capabilities. NEXT176 and SC Ventures will jointly support the development and expansion of the new solution, with both outfits contributing equally in terms of technology, expertise, intellectual property, and regional reach. NEXT176 will leverage Old Mutual’s strong presence in Africa, while SC Ventures will bring its expertise and network in the Middle East to the relationship.

The Africa Wealth Report 2023, published by Henley & Partners, revealed that an estimated US$2.4 trillion of investable wealth is currently held on the African continent. However, available wealth management services in the region primarily cater to High-Net-Worth Individuals with at least US$1 million in liquid assets, and who already have access to private banks and wealth advisor networks. Unfortunately, the average individual lacks access to the necessary tools and products to effectively plan, grow, and protect their wealth.

“Our platform will make financial planning more accessible and inclusive by providing intuitive tools and tailored solutions that meet the needs of the digital-native generation, empowering them to secure their financial futures and achieve their goals," explains Mpako.

Furthermore, according to the Gordon Institute of Business Science, South Africa has experienced a consistent and concerning decrease in the savings rate over the past two decades. The rate has declined from a range of25%-30% to a worrisome 16.3%, positioning South Africa among the world's poorest savers.

Mpako says NEXT176 remains committed to building and investing in disruptive, fit-for-purpose solutions aimed at enhancing the financial well-being of both South Africans and Africans across the continent.

With collaborative partnerships playing a pivotal role in extending the reach and impact of this ambition, the joint venture between NEXT176 and SC Ventures represents a significant step towards revolutionising and democratising financial planning ensuring greater accessibility and inclusivity for individuals across Africa and the Middle East.


Apr 4, 2024