Old Mutual has rebranded its popular financial tool, 22seven, as Vault22. This new platform, backed by co-investors SC Ventures and NEXT176, combines the best features of the former 22seven and Autumn, aiming to support South Africans in achieving financial wellness.
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Vault22 offers a comprehensive suite of features designed to improve financial health:
- Spending Monitoring: Real-time transaction alerts help users track their spending.
- Encourages Discipline: Users can set and track spending targets to stay accountable.
- Insights Generation: Track spending patterns and categorize transactions for better budgeting.
- Wealth Growth: Provides investment opportunities to help users grow their savings.
- Knowledge Access: Learning materials designed to boost financial understanding and net worth.
- Fraud & Fee Prevention: Automated reminders and high-level security to help avoid late fees, overdrafts, and fraud.
- Debt Reduction: Guidance on efficient ways to pay down debt.
In South Africa, financial wellness remains a significant challenge, with only 24% of locals identifying as financially healthy according to the FinScope SA Consumer Survey 2023. A further 43% say they are “coping,” while 33% feel financially vulnerable.
Vault22’s mission aligns with its backers, SC Ventures and NEXT176—the venture-building arms of Standard Chartered Bank and Old Mutual. “The shared vision of SC Ventures and NEXT176 is to enhance the financial fitness of millions of South Africans who need tools to build, grow, and protect their wealth,” said Benito Mable, Vault22’s founder and CEO.
