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Financial management for free from 22seven

South African personal financial management (PFM) service 22seven has been busy overhauling its service, which launched in 2012, to make it more accessible to customers. That was first done by dropping its monthly subscription fee from R70 a month to just R25 a month, and now they’ve removed the fee altogether.

In a blog post on the 22seven website, founder Christo Davel said that the move was entirely made possible after its acquisition by Old Mutual which allowed the company to move away from its need to have a steady revenue stream to justify its place in the startup world.

By completely removing the subscription fee the first question that everyone is asking is how 22seven will generate revenue in the future. “Currently, 22seven helps people see and think about their money differently (and it will only get better at doing that),” Davel wrote on the 22seven blog, “But soon our customers will also be able to act tangibly on those insights through new features and capabilities that will actively help them save money.”

While we don’t actually know what 22seven’s future plans are, we would hazard a guess that the company will be offering investment products from Old Mutual to 22seven users, as well as potentially offering products from other investment houses but taking some sort of referral fee in much the same way as a broker would.

Importantly, the blog post deals with the assumption that no service is free and the product being sold by a free service is its users’ information.

“Does it mean you’ll sell my personal information to make money? Is my privacy or security affected at all?

Absolutely not. We have always said that respecting our customers’ privacy and security is paramount, and that has not changed, nor will it change. If we betray that trust, we don’t deserve to be in business. As for changes to our terms of service and privacy policy, we have removed or amended any of the clauses that pertain to the monthly subscription fee. Nothing else has changed.”

Are you a 22seven user already? Are you going to become one now that the service has no monthly subscription? Are you still weary of giving someone access to all of your financial data? Drop us a comment in our forums and let us know.

[Source – 22seven]

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