22Seven now, a South African digital financial advisor, is out of Beta. The application has been in Beta mode since January this year.
The company that had a lot of trouble setting up shop but seems to have been embraced by most users and now it says it has steered clear from controversy. Previously, some banks in South Africa showed some reservations on applying the application on their customers’ accounts.
Most issues raised by the banks about the service included, tightening the terms and conditions and security of user’s information. 22Seven works with Yodlee, a renowned Web security firm that deals with bank details.
22Seven, an online application connected to users’ bank accounts, is essential for monitoring spending patterns. The service, previously free, will now cost users R70 monthly.
Similar services have been successful in the US. Financial advice software such as Mint and HelloWallet have gathered momentum. Mint has over a million users to its database while HelloWallet has little over 300,000 users. 22Seven did not disclose how many users it has so far.
22Seven CEO Christo Davel hopes the service will soon be available on mobile interface.