Old Mutual has acquired local tech startup 22seven, which specialises in getting South Africans to look at their money in a different way, as part of a move to increase digital support for its customers.
22seven makes use of “elements of behavioural science, technology and play, making it more engaging for its customers to look at their money and make better financial decisions” and it is this novel approach that has led Old Mutual to wholly buy out the startup.
Old Mutual’s Strategic Marketing Director Carlton Hood said in a statement “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.”
22seven is set to grow as a result of the acquisition, the term of which were not disclosed, but the existing team will remain based in Cape Town. 22seven CEO Christo Davel said “We’re fired up about where we can now take 22seven, and I don’t just mean geographically. 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.”