Sunday, 14 August
31 May
Naspers Foundry has invested R40 million in fintech startup LifeCheq, which provides a range of financial planning services as the company drives its investment in early-stage innovative companies.
The deal is Foundry’s fifth fintech investment in South Africa-focused technology companies and eleventh tech transaction. Naspers launched the fund three years ago.
The platform, which launched in 2018, allows independent financial advisors to provide seamless financial advisory services and guide consumers to achieve their financial goals, such as the purchase of high-value assets, improving savings and investment habits, and appropriate contributions to pensions, among others products.
According to Abu Addae, co-founder and CEO of LifeCheq, existing solutions for quality financial advice ignored a large portion of society globally, simply because they were “not wealthy enough”.
“Our mission is to fix that,” says Addae.
The investment is part of Naspers’s R1.4-billion commitment to grow South Africa’s early-stage tech ecosystem. Naspers Foundry’s previous investments include companies in education, insurance companies, and agritech.
Its fintech portfolio includes Ctrl, Naked Insurance, Planet42, and Floatpays.
“Through LifeCheq, holistic, personalised financial advice can be made accessible to previously underserved South Africans. LifeCheq is empowering people to take charge of their finances – improving their financial well-being and inclusion in the process,” said Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers.
Other local Naspers investments in the consumer services include Takealot, Mr D Food, Superbalist, Autotrader, Property24 and PayU.

21m ago
Carol Paton
Receive Fin24 writer-at-large Carol Paton’s articles about the political economy, state-owned enterprises and energy sector.
22 Jul 2020
23 Jul
20 Jul
16 Jul
Find public sector tender opportunities in South Africa here.