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South Africa-based diversified financial services group MMI Holdings has partnered United Kingdom-based digital financial services investment and advisory firm Anthemis Group to invest in early and growth stage financial wellness companies.

The global investment partnership between Exponential Ventures, the newly formed disruptive innovation and venture capital arm of MMI Holdings (MMI), which invested in digital tax assistant TaxTim in March, and Anthemis Group also allows for other firms to join the initiative.

MMI has provided the initial US$34 million commitment, with the partnership operating on the principle that by supporting companies that improve the financial wellness of individuals and SMEs, investors can achieve “profit with purpose” and help to create a prosperous and inclusive global growth economy.

The partnership’s investment thesis will consider new business models and companies in the fintech, insurtech and healthtech categories.

“At MMI, we have a clear and resolute goal that drives us: to improve the financial wellness of individuals, households, communities and businesses,” said Nicolaas Kruger, chief executive officer (CEO) of MMI.

“The investment partnership with Anthemis is the next step in our commitment to achieve that goal. We are excited to be collaborating with Anthemis and are open to working with other visionary industry partners in the financial wellness space.”

Jaco Oosthuizen, CEO of Exponential Ventures, said the partnership with Anthemis forms part of Exponential’s Venture Developer capabilities, through which it wants to Identify and develop new and disruptive ventures that reach new markets, meet new needs and leverage new business models.

“We are looking for businesses that have the potential to fundamentally disrupt the financial wellness market space as we know it,” he said.

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