Old Mutual acquisition of 22seven.co.za gathers pace

22seven is to make an announcement towards the end of January over rumours that they are to be acquired by South African financial services company Old Mutual.

The online personal finance management website works and synchronises with major South African banks and cards to allow users to manage their finances online.

Founder Christo Davel, who previously founded South Africa’s only purely Internet bank 20Twenty, said last year that after 22seven launched they were “embarrassed with the response”, and it appears to be on track to be acquired by Old Mutual.

Speaking to HumanIPO, Samantha Manclark of 22seven said that she is “unable to comment at this time”, but said to expect an announcement from 22seven towards the end of January.

Pressed on what the announcement will be about she further reiterated that she cannot divulge at this moment.

Furthermore, she said that she could not confirm whether Old Mutual holds any shareholding in 22seven but a report byBusiness Techsuggests “the group already has a stake in the personal financial management tool market through Nedbank’s My Financial Life platform.”

Although officially nothing has been announced as yet by either 22seven or Old Mutual, the signs point towards a possible acquisition by Old Mutual or a partnership agreement.

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