Old Mutual owned personal financial management tool and app, 22seven has announced that it is now available to customers for free.<\/p>\n
The service had previously been available on a subscription basis.<\/p>\n
“This is something we\u2019ve planned to do for a long time \u2013 since soon after our acquisition by Old Mutual early last year,” the company said in a statement.<\/p>\n
“Prior to that, we weren\u2019t able to offer our service free. And until now, we haven\u2019t been ready to. Today, that all changes.”<\/p>\n
22seven is a money management service that automatically pulls data from a user’s bank account, and represents their financial data in a visual format to assist them in keeping track of their finances.<\/p>\n
The company was acquired by the Old Mutual group in January 2013, which, according to 22seven CEO, Christo Davel, gave the team space to develop the product.<\/p>\n
“We\u2019ve always been aware that paying a subscription is an obstacle for some people. We charged the monthly fee in our early days because, as a start-up, that\u2019s how we made money,” Davel said.<\/p>\n
“After being acquired by Old Mutual, we started working toward dropping it altogether.”<\/p>\n
The CEO noted that additional services in the near future will help people save money in tangible ways – though the group stressed that personal data would remain absolutely secure.<\/p>\n
“If these capabilities are as good as we think they can be, then we will make money through them,” Davel said.<\/p>\n
Old Mutual acquires 22seven<\/a><\/strong><\/p>\n Old Mutual to acquire 22seven?<\/strong><\/a><\/p>\n