Culture and Talent

Anthemis and Exponential Ventures are getting into ‘financial wellness’

  • Anthemis and Exponential Ventures launched an incubator program focusing on financial health.
  • Observers argue that these programs help evolve the next generation of personal finance tools as the nature of work and customer needs change.
close

Email a Friend

Anthemis and Exponential Ventures are getting into ‘financial wellness’
While the swipe of a finger can reveal a snapshot of one's finances through a range of apps, some in the field want to evolve that further by helping startups develop products that look at financial health in a holistic way. Anthemis, a Luxembourg-based financial services company, and Exponential Ventures, the innovation arm of South African financial services company MMI Holdings, on Tuesday launched a London-based incubator program to look at financial wellness. It's a concept Anthemis CEO Nadeem Shaikh said speaks to the relationships between financial health, physical health, insurance and incentives to change behavior. "How do we create a set of products and services that accomplish multiple needs of the consumer?" is the biggest problem in the space, he said. While the majority of personal finance tools today focus exclusively on one consumer need, Shaikh said the space is lacking products that address related areas that have impacts on financial health such as healthcare and insurance. The Anthemis-Exponential program's first class has yet to be named, and it adds to the list of development programs for financial technology companies, like Y Combinator, JP Morgan Chase's Finlab, Barclays Accelerator and others. What sets its apart is its lack of a set application or curriculum. The training and level of investment will be tailored specifically for the five or six selected companies that will be part of the program for two years. While startups may approach organizers, Anthemis and Exponential ventures will be actively seeking entrepreneurs who would be a good fit, said Shaikh. "It's a thoughtful response to the innovation gaps that we see in the marketplace," he said. "Were trying to figure out a space that's very different from traditional accelerators where we're taking a deep understanding of a particular space both from a VC perspective and from a financial institution perspective and trying to build some great businesses."  Shaikh explained that the program will benefit from the expertise of MMI Holdings, which, in turn, will help the startups get their products to market -- whether they are for consumers or businesses. Anthemis and Exponential Ventures have other companies they've invested in: ABAKA (a savings platform), Monese (an online banking service), Qapital (an app that lets users set goals and rules to drive saving habits) and Payoff (a company that provides loans to customers who are paying off credit card debts). While broadening the reach of personal finance tools, some in the field say it's important to keep some degree of specialization, to ensure simplicity and ease of use for the consumer. “What works better is a targeted approach based on specific needs,” said Peter Wannemacher, senior analyst at Forrester Research. “What disruptors can do better in is personalization and specialization -- it's not about trying to sell them every product but keeping it to 'we can help you manage your finances or buy a home'." Others say incubators such as the Anthemis-Exponential Ventures program will help evolve personal finance tools as the nature of work and customer needs change. “If we look at financial wellness as a concept, we saw the rise of it in the early 2000s, and it prompted you as an individual to think about your finances holistically,” said Sarah Biller, a consultant and instructor at Brandeis University’s financial technology program. “Financial wellness for a full-time Uber driver is very different from someone who spends their entire career in the life sciences sector."

0 comments on “Anthemis and Exponential Ventures are getting into ‘financial wellness’”

Day in the Life

Embracing unpredictability: A day in the life of Sung Hae Kim, Chief People Officer at Kueski

  • What’s it like working at the largest Mexican BNPL firm while living in the US?
  • From unpredictable workdays to outdoorsy weekends, here’s a day in the life of Sung Hae Kim, Chief People Officer at Kueski.
Ismail Umar | February 14, 2023
Banking, Culture and Talent

Bank branches are getting a facelift. What are smart branches?

  • From opening cafés to building community centers, bank branches are changing.
  • Big names like Capital One, Bank of America and JPMorgan may be spearheading the branches of the future.
Rabab Ahsan | February 02, 2023
Day in the Life

‘Product managers wear a lot of hats’: A day in the life of Melissa Manne, managing director of digital channels at Chase

  • The past few years, Chase has been zeroing in on its digital offerings. Leading innovation across digital experiences is Melissa Manne.
  • As managing director of digital channels, Manne focuses her energy on strategy, empowering her team, and staying in sync across the organization.
Rivka Abramson | January 24, 2023
Day in the Life

‘You don’t get trophies for working long hours’: A day in the life of Aaron Wollner, CMO of Quontic

  • As CMO of Quontic, Aaron Wollner leads the digital bank’s creative vision and marketing initiatives.
  • What does it mean to juggle building a brand with building a house? Or raising brand awareness with raising a baby? Find out in this week’s Day in the Life.
Rivka Abramson | January 09, 2023
Day in the Life

A tale of two phones: A day in the life of Ankur Sinha, CTO of Remitly

  • Ankur Sinha is CTO of Remitly, a fintech company focused on international transfers.
  • But for Ankur, being tech-focused doesn’t mean losing sight of the customer – or missing out on family time. With an early start and a steady routine, here’s how he makes it work.
Rivka Abramson | November 08, 2022
More Articles