February 7, 2023

Founded by Abubakari Malik Addae, and Shen Tian, Lifecheq is a fintech platform empowering financial advisers to provide quality, holistic financial advice. Since its launch in 2018, LifeCheq has helped more than 45,000 users in South Africa to gain access to financial advice and planning.

The startup uses data and algorithms to tailor and personalize financial advice to suit different individuals, helping both individuals and businesses.

LifeCheq uses an AI-powered platform that 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 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.

LifeCheq has assisted more than 45,000 users in South Africa with access to financial advice and planning. 

How it Works

Financial Consultations

LifeCheq uses technology to lower the cost of financial advice which was previously accessible only to high-income earners. 

The platform uses artificial intelligence to help financial advisers combine different sets of personal finance data to set and track customers’ financial goals.

LifeCheq provides credible and authentic advice that gives its customers access to a team of actuaries and experts at an accessible rate. 

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As a financial service provider and consultation company, LifeCheq needs to meet with its potential customers, note their goals and circumstances, and proceed with presenting customers with a LifeCheq plan.

The customer has the choice of deciding if they will proceed with LifeCheq and start paying for an ongoing service, or if they just want a once-off consultation.

LifeCheq consultants meet with customers to discover their goals and to receive their financial information as a starting point for their prospective partnership. 

The next step is creating a plan which is where the customer receives a financial plan from a LifeCheq consultant. LifeCheq’s team of experts uses financial models to determine what actions are needed to assist and guide customers in achieving their financial goals.

LifeCheq remains in contact with its customers to ensure that as their lives change, their goals can still be achieved through an adjustment of their original LifeCheq plan.

Financial Wellness Programme

LifeCheq also has a Financial Wellness Programme, where they help each employee link their most important life goals to how they manage their finances. 

They provide each employee with their LifeCheq plan, specifically suited to their goals and circumstances.

 They also provide independent advice on insurance, debts, taxes, medical aid, and investments. Each employee gets their personalized LifeCheq plan and has access to an expert team on any personal financial issue.

The benefit of the Financial Wellness Programme is that it works in harmony with any other benefits you might already have. 

Each employee’s LifeCheq plan will, therefore, incorporate existing work benefits.

Online Financial Solutions

LifeCheq also designs specific solutions for companies that suit the current position of the company, while considering a road map for the future of the company and providing ongoing support to its customers.

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The company ensures that as providers and services change, their recommendations are updated accordingly. 

They apply the latest technology to the problem of how people plan and manage their financial lives. 

The company has an app that clients can use to make decisions and tick off tasks. 

The consultants use that information to complete financial product applications. It is also imperative that consultants, product providers, and clients are up to date with the progress they are making.

LifeCheq posts content on its online platform for its customers, for them to see how they can achieve their goals.

Founders

Abubakari Malik Addae

Abubakari Malik Addae

Abubakari Malik Addae is the Co-founder&CEO of LifeCheq.

Abubakari Malik Addae studied at the University of Cape Town.

Investors & Funding Rounds

Futuregrowth Asset Management

Futuregrowth Asset Management

Futuregrowth Asset Management has invested in LifeCheq.

The investment was made through the asset manager’s Futuregrowth Development Equity Fund (DEF).

Futuregrowth, which previously invested in SA fintech Yoco in 2018, has not disclosed how much it had invested in LifeCheq.

The investor was attracted to LifeCheq’s ability to use technology to offer a financial service in an attractive way to a far broader market.

These potential markets give the startup a diverse source of revenue and expand the reach of the business across a wide variety of individuals and company employee bases.

Main Competitors

CowryWise: This is a FinTech company that democratizes access to premium financial services by making these services available to the mass market.

Bamba: It is an android application allowing merchants to run their entire business from their phones.

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Sparkle: This is a Nigerian FinTech platform that is creating a marketplace that makes it easy to achieve business outcomes.

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