Vault22 is the newest finance app to arrive in South African app stores. The app is the amalgamation of Standard Chartered Bank subsidiary SC Venture’s wealth management app Autumn, and 22Seven, a finance platform backed by Old Mutual subsidiary NEXT176.
Autumn + 22Seven = Vault22
According to the 2023 FinScope South Africa survey, only 24% of South Africans consider themselves financially healthy, 43% say they’re coping, and 33% feel their financial knowledge and management require improvement. Financial tools like Vault22 hope to fill this gap and help vulnerable South Africans empower themselves with financial know-how.
The app is a combination of Autumn, SC Ventures’s financial goals-setting and wealth-planning platform, and 22Seven, a budget aggregation and tracking app. Vault22 is based in the United Arab Emirates, and is open to users all over Africa, the Middle East, and beyond.
Vault22 founder Benito Mable adds, “Wealth management remains largely exclusive to High-Net-Worth Individuals who have access to private banks and advisory networks. Our mission has been to build an inclusive digital platform that empowers users to make informed financial decisions daily, improving their financial well-being and enabling them to plan and invest in their future.”
Vault22 gives users a wide array of features and tools to help them reach their financial goals. These include spending monitoring through real-time transaction alerts, and the ability to set and track spending targets to encourage financial discipline. There’s also purchase tracking and categorising, identifying novel investment opportunities, and access to learning materials. Automated payments and military-grade security measures facilitate money management to prevent late fees, overdrafts, and fraud. Last is a self-explanatory debt reduction feature.
South Africans looking to increase their financial capabilities can now get themselves a limited financial advisor in their pocket. Vault22 is now available on iOS and Android app stores.
