Following its acquisition by Old Mutual, 22seven, the local start-up that caused uproar in the local banking sector last year, has now been granted a global platform for its personal financial management service.
CEO and founder of 22seven, Christo Davel, says the stress has now shifted from “œhaving to pay for things as a start-up“ to having to deliver on a business that needs to run in the UK and other territories while also having to continuously develop the product.
22seven‘s iPhone app launched in April 2013, and now there is an official Android app available as well. The service lets users link their Internet banking and other online profiles with financial institutions to a 22seven account. Whenever you sign into 22seven it then automatically pulls your latest financial data and visualises it for you.
The use of the service found a lot of resistance initially, because of security. But 22seven once again emphasised that it doesn‘t store the Internet banking credentials (account number or username, password, and PIN) of its users, but instead relies on Yodlee, a third-party financial data aggregation service used by many financial institutions around the world.
To use the service you will have to cough up R25 p/m, but has a 30-day trial period for new users.
Follow Theunis on Twitter: @Theunis_BWB
