22seven founder leaves Old Mu­tual

Saturday Star - - SPORT -

Users of the bud­get­ing and in­vest­ing app 22seven were no­ti­fied this week by the founder of the app that he and some of his key staff would be part­ing ways with Old Mu­tual, the own­ers of the app, fol­low­ing Old Mu­tual’s de­ci­sion to “bring 22seven closer to home”.

Old Mu­tual bought the app from 22seven in Jan­uary 2013, but re­tained the orig­i­nal team that had de­vel­oped the prod­uct. Since tak­ing own­er­ship of the app, Old Mu­tual has done away with the sub­scrip­tion fee, mak­ing the app free to users.

The first of its kind in South Africa, the app reg­u­larly pulls in data from all of your bank ac­counts, loans and in­vest­ments, to give you a de­tailed anal­y­sis of your spend­ing and sav­ing pat­terns.

An email from 22seven founder Chris Davel to users this week stated that since Old Mu­tual bought 22seven al­most four years ago, “we have con­tin­ued to run in­de­pen­dently, with our own sep­a­rate of­fices and staff.

“The sup­port and in­de­pen­dence they gave us en­abled us do what we orig­i­nally set out to do: to help people do bet­ter with their money.

“Old Mu­tual has de­cided to bring 22seven strate­gi­cally closer to home, in terms of their dig­i­tal busi­ness. They have some ex­tremely ca­pa­ble people work­ing on their fu­ture dig­i­tal plans, which means that I, co-founder Kenny Inggs and some of our staff won’t be part of 22seven’s fu­ture.”

Davel says users can be as­sured that noth­ing will change in terms of tech­nol­ogy – no­tably the se­cure part­ners, sup­port ser­vices, data se­cu­rity, pri­vacy and ethics.

“22seven will con­tinue to main­tain the same se­cu­rity stan­dards and part­ners, to ad­here to the cur­rent Pri­vacy Pol­icy, and to hon­our the Data Ethics Man­i­festo,” he says.

Ray­mond Berelowitz, the direc­tor of cus­tomer so­lu­tions at Old Mu­tual, says the fi­nan­cial ser­vices provider is keen to ex­plore ways in which the app can help con­sumers man­age their money more ef­fec­tively and achieve their fi­nan­cial goals “as part of a dig­i­tally en­abled fi­nan­cial plan­ning process”.

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