22seven

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22seven
IndustryFinancial Services
FoundersChristo Davel and Kenny Inggs
Headquarters
South Africa
Websitewww.22seven.com

Editor: Tamia Adolph

22seven is a South African-based free money management app and website. It gathers all your money information together from your personal bank accounts, showing how much it is worth and how it is being spent. It generates an automatic budget based on your spending and allows you to invest in a few minutes at a low cost or with a tax-free option.[1]

History

Founder, Christo Davel, established an online retail bank called 20Twenty in 2001. By 2006, the online bank had closed down as a result of the collapse of their partner bank, Saambou, with whom the company had entered a partnership to use its banking license.[2] 20Twenty was sold to Standard Chartered for US$10 million in 2003. In 2005, Standard Chartered put the bank up for sale.[3] The online bank officially closed down in 2006 when Standard Chartered announced that it would be pulling out of the local online banking sector.[4]

In 2016, Davel co-founded a new start-up with Kenny Inggs named, 22seven.[5]

22seven is unique as it gathers all your information from your bank accounts automatically with your permission and your bank’s cooperation. However, 22seven has come under criticism in the past regarding how safe the application is. In 2012, FNB, ABSA, and Nedbank released statements regarding the risks associated with disclosing sensitive information to third-party applications like 22seven.[6]

Davel responded to these criticisms reassuring users that 22seven’s financial aggregator, Yodlee, has not had a breach in the 11 years of its business.[7] Furthermore, since 2021, 22seven has not reported an instance of fraud or financial crime.[8]

In 2013, 22seven was acquired by the UK division of Old Mutual, becoming the sole owner of the start-up. Old Mutual planned to absorb 22seven into their plans for digital support for its customers.[9]

In 2017, both Davel and Inggs departed from 22seven after Old Mutual decided to bring the company closer to their in-house digital strategy.[10]

Product Launch

2014 saw the company offering its money management services for free as well as releasing an Android app.[11]

In 2018, users of the app were now able to link and track more than 1 800 cryptocurrencies.[12]

In 2021, the company introduced two business units - 22seven API and 22seven Insights. 22seven API allows third-party businesses to fast-track the development of a personal finance tool and understands their customers better.[13] 22seven Insights is a research service that will provide reports and consulting services to clients, based on the anonymised, combined data of its users.[14]

Investments

From its onset in 2012, 22seven had investors such as Hollard and Hasso Plattner Ventures Africa.[15] Soon after, Hasso Plattner Ventures Africa pulled out during its Series B funding stage due to non-performance.[16]

References

  1. 22seven - LinkedIn. Retrieved 1 June, 2021.
  2. 20Twenty to sell online bank - News24. Retrieved 29 May, 2021.
  3. Online bank 20Twenty up for sale - Mail & Guardian. Retrieved 30 May, 2021.
  4. South Africa: Internet Banking Operation 20Twenty On The Brink Again. Retrieved 2 June, 2021.
  5. 22seven, the gamification of personal finances - Ventureburn. Retrieved 2 June, 2021.
  6. New startup 22seven under fire from banks [Updated - Ventureburn. Retrieved 2 June, 2021.]
  7. New startup 22seven under fire from banks [Updated - Ventureburn. Retrieved 2 June, 2021.]
  8. Open Finance: Screen-Scraping Fears Highlight Need For Change - Tech Financials. Retrieved 7 June, 2021.
  9. Old Mutual buys 22Seven, multiple currencies & overseas expansion soon - Ventureburn. Retrieved 2 June, 2021.
  10. Old Mutual brings 22seven in-house, founders leave - Ventureburn. Retrieved 5 June, 2021.
  11. 22seven now officially free for everyone - Ventureburn. Retrieved 7 June, 2021.
  12. Old Mutual’s 22seven will now let you track 1,800 cryptocurrencies in rands - Business Tech. Retrieved 2 June, 2021.
  13. Old Mutual’s 22seven refocuses strategy with new business units - ITWeb. Retrieved 5 June, 2021.
  14. Old Mutual’s 22seven refocuses strategy with new business units - ITWeb. Retrieved 5 June, 2021.
  15. 22seven, the gamification of personal finances - Ventureburn. Retrieved 2 June, 2021.
  16. Old Mutual buys 22Seven, multiple currencies & overseas expansion soon - Ventureburn. Retrieved 2 June, 2021.