StanChart’s SC Ventures and NEXT176 unveil Shariah-compliant wealth platform

It will merge SC Ventures’ Autumn with NEXT176’s 22seven into one new platform.

Standard Chartered’s investment and ventures arm SC Ventures, and investment firm NEXT176 are jointly launching a financial wellness platform. 

The partnership will merge SC Ventures’ Autumn, a financial goals and wealth planning app, and NEXT176-backed 22seven, a budget aggregation and tracking app.

The merged wealth management platform aims to bring simple, affordable, AI-led, and Shariah-compliant wealth management solutions to users in the Middle East, Africa, and the Southeast Asia regions, according to a press statement by SC Ventures.

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Services offered will include budgeting, savings, and investment solutions.

SC Ventures and NEXT176’s platform will be headquartered in the United Arab Emirates.

The merger is subject to required approvals and is expected to close in Q2 2024.