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.
“What we most liked about LifeCheq is that it has taken something like personal finance, which can be complex and as a result easily avoided, and uses technology to offer a financial service in an attractive way to a far broader market,” says Futuregrowth unlisted equity transactions head Amrish Narrandes.
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.
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.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
