Vault22: The Major Transformation of South Africa’s Leading Fintech Company

Vault22, the newly rebranded version of 22seven, has taken the South African fintech industry by storm with its bold changes and innovative solutions.

The Rebrand and Global Expansion

In 2023, 22seven underwent a complete transformation, changing its name to Vault22 and becoming a member of Vault22 Solutions Holdings, a Dubai International Financial Centre (DIFC) registered entity. This rebrand came with a strategic shift towards global expansion, with the company now headquartered in the UAE.

Following the rebrand, SC Ventures and Old Mutual joined forces to merge their two apps, 22seven and Autumn, creating the comprehensive Vault22 offering. The merger combined 22seven’s budgeting tools with Autumn’s financial goals and wealth planning functionalities, making Vault22 a robust solution for financial management.

A Rich History in Financial Management

Founded in 2011 by Christo Davel and Kenny Inggs, 22seven was one of the early pioneers in personal financial management, built on principles of behavioural economics. After gaining significant traction, Old Mutual acquired 22seven in 2013. The company continued to evolve, ranking among the top 200 global fintech companies in 2023, alongside industry giants like PayPal and Stripe.

Despite its success, Vault22 did not make it into the 2024 top 20 financial planning apps in the CNBC and Statista rankings, but it remains a key player in the digital financial space.

Open Banking and New Partnerships

A game-changing move for Vault22 was its adoption of open banking technology in South Africa. With the integration of Capitec’s Accounts Services API, Vault22 has empowered consumers with better control over their financial data.

Vault22’s CEO, Benito Mable, celebrated the Capitec partnership, calling it a “turning point for financial accessibility in South Africa.” This move fosters innovation, allowing users to make more informed decisions in a country with critical financial literacy challenges.

The Launch of Vault22’s Wealth Platform

In line with the Capitec integration, Vault22 also launched its Wealth platform, a significant development that expands its mission beyond budget tracking to actively help users build wealth.

Mable emphasized, “Financial health isn’t just about tracking expenses—it’s about actively growing your wealth and securing your future.” The launch aims to make wealth-building more accessible, regardless of income levels.

Vault22’s new Active ETF offerings from Coronation and Prescient complement this wealth-building mission, allowing users to invest with as little as R500. In addition, Absa has been integrated as Vault22’s official execution, custodian, and banking provider, ensuring top-tier financial security for investors.

The Future of Vault22 in South Africa

With its open banking approach and wealth management tools, Vault22 is redefining the landscape of personal finance in South Africa. By providing more accessible financial services and empowering users to take control of their financial futures, Vault22 is setting a new standard for fintech companies in the country.

What’s Next for Vault22?

As Vault22 continues to innovate, it promises to break down barriers to financial access and inclusion in South Africa. With its focus on making wealth-building tools available to all South Africans, Vault22 is paving the way for a more inclusive and equitable financial ecosystem.

Will Vault22’s bold steps inspire other fintech companies to follow suit? Only time will tell, but one thing’s clear: Vault22 is one to watch in South Africa’s fintech revolution.

{Source MyBoardBand}

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