Old Mutual plc has acquired 22seven, a Cape Town based start-up (the launch of 22seven was covered by Ideate last year) founded by well-known banking entrepreneur Christo Davel. The financial services giant appears to have purchased the personal financial tool as part of its strategy to develop digital support for its customers.
The young South African tech startup and the large established global brand found they shared a closely aligned vision, which was a strong basis for a long-term partnership. 22seven brings an existing online service and impressive technology competency to Old Mutual’s digital strategy, while Old Mutual brings the power of an established global brand and customer base to 22seven’s ambitions.
Cape Town based 22seven is now wholly-owned by the long-term savings, protection and investment group.
22seven combines elements of behavioural science, technology and play, making it more engaging for its customers to look at their money and make better financial decisions. 22seven’s current team will remain the foundation of a group that will expand over time, and the team will stay in their Cape Town office.
Innovation and energy
“We’re excited about the acquisition. 22seven brings energy, innovation and world-class capability to our global digital strategy, and has already helped so many people change the way they think about money. Old Mutual is serious about helping people realise their goals, a huge part of which is helping them to understand their financial decisions better. 22seven gets that, and does it brilliantly,” comments Old Mutual’s Strategic Marketing Director, Carlton Hood.
“We’re fired up about where we can now take 22seven, and I don’t just mean geographically,” comments 22seven CEO, Christo Davel. “We’ve always had big plans for our service, and what we think it’s capable of doing. With Old Mutual’s support, the evolution and enhancement will happen much faster.”