{"id":29446,"date":"2013-01-09T01:39:58","date_gmt":"2013-01-08T23:39:58","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=29446"},"modified":"2013-01-09T09:24:02","modified_gmt":"2013-01-09T07:24:02","slug":"old-mutual-to-acquire-22seven","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/29446\/old-mutual-to-acquire-22seven\/","title":{"rendered":"Old Mutual to acquire 22seven?"},"content":{"rendered":"

Financial services provider Old Mutual<\/a> is believed to be in discussion to acquire personal finance start-up, 22seven<\/a>.<\/p>\n

Launched in early 2012, 22seven was a first in the South African market with a \u201cnew generation\u201d money management service aimed at helping people do more with their money.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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

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.<\/p>\n

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

The group already has a stake in the personal financial management tool market through Nedbank’s My Financial Life platform.<\/p>\n

22seven founder and CEO, Christo Davel<\/a>, told BusinessTech that the company could not provide comment at this time.<\/p>\n

Old Mutual had not returned comment by the time of publication.<\/p>\n

Related articles<\/h3>\n

22Seven goes live for business<\/strong><\/a><\/p>\n

Big boost for SA eCommerce<\/strong><\/a><\/p>\n

MoneySmart does what it says on the tin<\/strong><\/a><\/p>\n

StartMe: a closer look at SA crowdsourcing<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Financial services provider Old Mutual is rumoured to be in discussion to acquire personal finance start-up, 22seven.<\/p>\n","protected":false},"author":14,"featured_media":29453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1144,2732,26,1799,1110],"class_list":["post-29446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-22seven","tag-christo-davel","tag-headline","tag-nedbank","tag-old-mutual"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/29446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=29446"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/29446\/revisions"}],"predecessor-version":[{"id":29458,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/29446\/revisions\/29458"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/29453"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=29446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=29446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=29446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}