Cape Town based 22seven is now wholly-owned by the long-term savings, protection and investment group, the statement said.
According to 22seven, its current team will remain the foundation of a group that will expand over time, and the team will stay in their Cape Town office.
“We’re excited about the acquisition. 22seven brings energy, innovation and world-class capability to our global digital strategy, and has already helped so many people change the way they think about money,” said Old Mutual’s strategic marketing director, Carlton Hood.
“We’re fired up about where we can now take 22seven, and I don’t just mean geographically,” said 22seven CEO, Christo Davel. “We’ve always had big plans for our service, and what we think it’s capable of doing. With Old Mutual’s support, the evolution and enhancement will happen much faster.”