Old Mutual owned personal financial management tool and app, 22seven has announced that it is now available to customers for free.
The service had previously been available on a subscription basis.
“This is something we’ve planned to do for a long time – since soon after our acquisition by Old Mutual early last year,” the company said in a statement.
“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.”
22seven is a money management service that automatically pulls data from a user’s bank account, and represents their financial data in a visual format to assist them in keeping track of their finances.
The company was acquired by the Old Mutual group in January 2013, which, according to 22seven CEO, Christo Davel, gave the team space to develop the product.
“We’ve always been aware that paying a subscription is an obstacle for some people. We charged the monthly fee in our early days because, as a start-up, that’s how we made money,” Davel said.
“After being acquired by Old Mutual, we started working toward dropping it altogether.”
The CEO noted that additional services in the near future will help people save money in tangible ways – though the group stressed that personal data would remain absolutely secure.
“If these capabilities are as good as we think they can be, then we will make money through them,” Davel said.
This article was first published on BusinessTech.