Old Mutual to acquire 22seven?

Financial services provider Old Mutual is believed to be in discussion to acquire personal finance start-up, 22seven.

Launched in early 2012, 22seven was a first in the South African market with a “new generation” money management service aimed at helping people do more with their money.

The financial management tool automatically pulls data from bank accounts and presents financial data in a creative format to assist customers in keeping track of their cash.

While it proved to be popular, many South African banks initially blocked the service from gaining access to client accounts due to alleged security risks.

However, the platform eventually won over banking institutions – and was met with competition from other financial management tools such as MoneySmart and Nedbank‘s My Financial Life.

While competing platforms operate for free, 22seven’s business model is subscription-driven, where users pay a monthly fee to access its services.

A well-placed source told BusinessTech that, after more than a year of operating, 22seven is being targeted for acquisition by financial services provider, Old Mutual.

Old Mutual provides financial services through a partnership with Nedbank and Mutual & Federal – two sister subsidiary companies under the Old Mutual group banner in South Africa.

The group already has a stake in the personal financial management tool market through Nedbank’s My Financial Life platform.

22seven founder and CEO, Christo Davel, told BusinessTech that the company could not provide comment at this time.

Old Mutual had not returned comment by the time of publication.

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Old Mutual to acquire 22seven?