LifeCheq

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LifeCheq
IndustryFinancial Services
Founded2015; 5 years ago (2015)
FounderDylan Flint, Abubakari Malik Addae
Headquarters
Cape Town
,
South Africa
ServicesPersonal Finance
Websitewww.lifecheq.co.za

Editor: Charissa Cassels

LifeCheq (stylised “LifeCheq”) is an innovative tech-based personal finance startup[1] and an authorized financial services provider[2] consisting of a financial advisory team. It is a fintech company and is part of the Financial Planning and Management sector.[3] The company was founded in August 2015 and is headquartered in Cape Town in the Western Cape region in South Africa.[4] LifeCheq also has a branch in Rosebank, Gauteng, in South Africa.

LifeCheq’s services are currently limited to South Africa with their main bases being in Cape Town, Johannesburg and Pretoria.[5]

The founders of LifeCheq are Dylan Flint and Abubakari Malik Addae. Flint is the Co-Founder and Head of Advice[6] at LifeCheq, as well as the Director and Head of Product and Advice at Convex Financial, a financial services company,[7] based in Cape Town. Addae is the Co-Founder and CEO[8] of LifeCheq and the CEO at Convex Financial.[9]

LifeCheq provides independent financial advice to clients, as they are not connected to banks or insurance companies.[10] The company size is between 15-50 people.[11] It is privately held and private-equity backed. It is a consulting Business-to-Business service and forms part of commercial services.[12]

History

LifeCheq provides credible and authentic advice that gives its customers access to a team of actuaries and experts at an accessible rate.[13] As a financial service provider and consultation company, it is important for LifeCheq to meet with its potential customers, to note their goals and circumstances and to 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 in order 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 use financial models in order to determine what actions are needed to assist and guide customers in achieving their financial goals.

LifeCheq remains in contact with its customers in order to ensure that as their lives change, their goals can still be achieved through an adjustment of their original LifeCheq plan.[14] LifeCheq also has a Financial Wellness Programme, where they help each employee link their most important life goals to how they manage their personal finances. They provide each employee with their own LifeCheq plan, specifically suited for their goals and circumstances. They also provide independent advice on insurance, debts, taxes, medical aid and investments. Each employee gets their own personalised 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.

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 provides ongoing support to its customers.[15]

The company ensures that as providers and services change, that 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 in order to complete financial product applications. It is also imperative that consultants, product providers and the clients are up to date with the progress they are making.[16]

LifeCheq posts content on its online platform for its customers, in order for them to see how they can achieve their goals.[17]

LifeCheq works with Old Mutual, Liberty, Sanlam, Monumentum, Discovery, Sygnia, Allan Gray, FMI, Brightrock, pps and Prescient.[18] It is trusted by YOCO, Zoona, Nic Harry, DataProphet, John Brown, Creative CFO, IJR and eset.[19]

Investments

African Rainbow Capital, a fully Black-owned and controlled company that focuses on the South African and African financial services and businesses that deliver returns on equity,[20] invested in LifeCheq.[21]

Futuregrowth Asset Management, a specialist investment company which manages the full range of interest and developmental investments in an ethical and sustainable way,[22] invested in LifeCheq.[23]

Awards and Recognition

On the 1st of November 2018, Heavy Chef, a learning platform for entrepreneurs[24], and Nedgroup Investments opened a public poll for nominations of South Africa’s Most Exciting Startups of 2018. LifeCheq made it onto the Top five of the list of winning startups.[25]

References

  1. From a Successful Corporate Career to Entrepreneurship with Abu Addae (LifeCheq) - startup grind. Retrieved 4 April, 2020.
  2. LifeCheq - Facebook. Retrieved 4 April, 2020.
  3. LifeCheq - The Base. Retrieved 4 April, 2020.
  4. LifeCheq - LinkedIn. Retrieved 3 April, 2020.
  5. [K Sello, telephonic communication, 6 May 2020]
  6. Dylan Flint - LinkedIn. Retrieved 19 April, 2020.
  7. The Team - Convex Financial. Retrieved 19 April, 2020.
  8. Abubakari Malik Addae - LinkedIn. Retrieved 19 April, 2020.
  9. The Team - Convex Financial. Retrieved 19 April, 2020.
  10. Who we are - LifeCheq. Retrieved 2 April, 2020.
  11. LifeCheq - OfferZen. Retrieved 4 April, 2020.
  12. Profile Previews - PitchBook. Retrieved 4 April, 2020.
  13. Event: South Africa's Top 5 Most Exciting Startups 2018 - An Evening Of Celebration - Heavy Chef. Retrieved 4 April, 2020.
  14. Who we are - LifeCheq. Retrieved 2 April, 2020.
  15. At Work - LifeCheq. Retrieved 2 April, 2020.
  16. LifeCheq - OfferZen. Retrieved 4 April, 2020.
  17. LifeCheq - The Base. Retrieved 4 April, 2020.
  18. Who we are - LifeCheq. Retrieved 2 April, 2020.
  19. At Work - LifeCheq. Retrieved 2 April, 2020.
  20. Who We Are - ARC. Retrieved 6 May, 2020.
  21. [K. Sello, telephonic communication, 6 May 2020.]
  22. Us - Futuregrowth/Asset Management. Retrieved 6 May, 2020.
  23. [K. Sello, telephonic communication, 6 May 2020.]
  24. We create learning experiences for entrepreneurs - Heavy Chef. Retrieved 19 April, 2020.
  25. Event: South Africa's Top 5 Most Exciting Startups 2018 - An Evening Of Celebration - Heavy Chef. Retrieved 4 April, 2020.