Naspers Foundry leads R53 million Series A investment in LifeCheq

Naspers Foundry leads R53 million (US$3.3 million) Series A investment in LifeCheq

  • Naspers Foundry invests R40 million (US$2.5 million) in financial advisory fintech company, LifeCheq with the balance of the round funded by existing investors.
  • LifeCheq uses technology to drive financial inclusion by democratising access to financial advice – previously only accessible to high-income earners.
  • The transaction marks Naspers Foundry’s fifth fintech investment in South Africa-focused technology companies and eleventh tech transaction

Naspers, through its early-stage tech investment vehicle Naspers Foundry, announced a R40 million ($2.5 million) investment in LifeCheq, a fintech platform empowering financial advisers to provide quality, holistic financial advice. The investment is part of Naspers’s R1.4 billion commitment to grow South Africa’s early-stage tech ecosystem and marks Naspers Foundry’s fifth fintech investment and eleventh tech transaction since its launch three years ago.

LifeCheq plays a critical role in driving financial inclusion in South Africa by democratising access to financial advice – previously only accessible to high-income earners. Accessible financial planning and advice are especially important during the current challenging economic environment. A recent McKinsey consumer survey reports that 87% of South African consumers say that their current personal economic situation is stretched, 13% say they are in crisis, and 32% say they find it hard to make ends meet.

LifeCheq’s AI-powered platform equips financial advisers with 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.    

The easy-to-use platform enables independent financial advisers to provide seamless, high-quality financial advice at a reasonable rate while allowing consumers to engage directly with a holistic financial service offering. 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, among others.

Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers, said: We are passionate about supporting entrepreneurs that make a meaningful contribution to society. 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. This investment supports our focus of backing purpose-driven technology businesses.”

Fabian Whate, Head of Naspers Foundry, said: The South African entrepreneurial environment continues to produce high quality, needs-based businesses as evidenced by our investment in LifeCheq. 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. We are excited to support the company’s next phase of growth. This investment builds on Naspers Foundry’s growing fintech portfolio, which includes Ctrl, Naked Insurance, Planet42, and Floatpays.”

Abu Addae, co-founder and CEO of LifeCheq, said: “Existing solutions for quality financial advice practically ignore more than 2 billion mass affluent clients globally, simply because they’re not wealthy enough. Our mission is to fix that. It is great to partner with Naspers Foundry. They have taken the time to understand our vision and the opportunity in our offering, and we are extremely excited about the journey ahead.”

Since its launch in 2018, LifeCheq has helped more than 45,000 users in South Africa gain access to financial advice and planning. This Series A round of investment will be focused on new technology and capabilities to significantly scale LifeCheq’s platform, accelerate its partner experience, and grow its customer base.


For more about LifeCheq, please watch the above video.

About Naspers 

Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. 

In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Superbalist, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business. 

Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ), a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the United States of America.

For more information, please visit www.naspers.com.

Naspers Labs 

In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers. 

Naspers for Good 

Naspers employees is equally committed to giving back. Naspers for Good is a corporate philanthropy fund administered by a committee of employees in South Africa. Through the fund, Naspers forms partnerships with organisations that have a proven track record of delivering solutions for the most pressing challenges affecting our communities. Email [email protected] for more information. 

Response to COVID-19

Naspers contributed R1.5 billion of emergency aid to support the South African government’s response to the COVID-19 pandemic. This contribution consisted of R500 million towards the Solidarity Fund and R1 billion worth of PPE sourced and distributed to South Africa’s front-line healthcare workers. In addition, Naspers contributed R6.9 million to the Nelson Mandela Foundation's EachOne FeedOne programme to support families who COVID-19 has impacted with meals for a year.