Founder of personal management website 22seven Christo Davel has resigned, citing an Old Mutual decision to change strategy. 22seven was acquired by Old Mutual in 2013.
Davel, co-founder Kenny Inggs and other staff members will be leaving 22seven in the shakeup. Davel explained the move in an email to clients:
"Since Old Mutual bought 22seven almost four years ago, we have continued to run independently, with our own separate offices and staff. The support and independence they gave us enabled us do what we originally set out to - to help people do better with their money.
"Old Mutual has decided to bring 22seven strategically closer to home, in terms of their digital business. They have some extremely capable people working on their future digital plans, which means that I, my co-founder Kenny Inggs and some of our staff won't be part of 22seven's future."
He assured clients that the technology and support of the platform would remain intact and that the company would continue to adhere to data security, privacy and ethical standards.
Davel, who founded South Africa's first digital-only bank 20Twenty and is one of the most respected figures in the local FinTech industry, called building 22seven "one of the most extraordinary and fulfilling experiences of my life."
