Old Mutual-owned personal finanical management tool 22seven has announced today that it’s current service will be free adding that it was somehting the firm had planned to do for a long time after its acquisition by Old Mutual.
22seven will scrap its R25 monthly susbscription fee to zero to allow every one use it to track their investments, watch their loans and savings among others.
In a statement, Christo Davel, CEO, 22seven said, “Prior to that, we weren’t able to offer our service free. And until now, we haven’t been ready to. Today, that all changes. We’ve always wanted to make our service as accessible as possible, to as many as possible. We know that what we’re doing has already changed customers’ lives – they’re thinking about their money differently and using it better than they did before they met 22seven.”
Launched in January 2012, 22seven’s vision is to help people do more with their money and, ultimately, their lives. The firm says it’s obsessively neutral and objective about how its customers see their money, whichever financial institutions that money may be with.
By going free, the firm nears it vison of making the service available to everyone as paying for a subscription is an obstacle for some people. The firm says it’s launching new features and capabilities to help customers to be able to act tangibly on insights to help them save money.
“The new features and capabilities are where we hope to make money. Essentially, we’re changing our business model to one that doesn’t rely on subscription fees. What it does rely on is that 22seven makes a significant difference in people’s lives. We will deserve to be profitable if, and only if, we succeed,” added Davel.
According to the firm, customers will get free access to the service but will pay for new features and capabilities the firm is yet to launch. These tools will give paying users even more power to use or see their money.
