Christo Davel, the founder of the personal finance management website 22seven, acquired by Old Mutual in 2013, has resigned.
In a note to customers on Wednesday, Davel said he, co-founder Kenny Inggs and “some of our staff won’t be part of 22seven’s future”.
“Old Mutual has decided to bring 22seven strategically closer to home, in terms of their digital business,” Davel said in the e-mail to customers.
He said Old Mutual has assured him that there will be no changes to the technology, support and data security, privacy and ethics of the business.
“22seven will continue to maintain the same security standards and partners, to adhere to the current privacy policy, and to honour the data ethics manifesto,” Davel said.
“On a personal note, I want to say how much I appreciate you giving 22seven a shot. Building it has been one of the most extraordinary and fulfilling experiences of my life.”
Davel, who founded and built South Africa’s first digital-only bank, 20Twenty, did not say what he plans to do next. — © 2017 NewsCentral Media
