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Old Mutual’s 22seven Ditches Subscription Fees | Plans to Launch Paid Features

1229899_354897594642443_1644222992_nOld 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.”

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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.

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10487473_505050509627150_5985382910843173279_n“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.

Sam Wakoba
Sam Wakoba
Taking you on tour through Africa's tech and business ecosystem, one story at a time since 2010! Based out of Nairobi, Kenya, Sam is the founder and managing director of Moran Media, which runs, various other digital platforms and a startup incubation hub for Kenya's youthful entrepreneurs. Drop me a mail at [email protected]

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