Vault22, backed by Standard Chartered Bank and Old Mutual, launched earlier this week in South Africa, aiming to make financial management accessible to a broad population.
Developed by SC Ventures, the innovation division of Standard Chartered Bank, and NEXT176, an Old Mutual initiative, Vault22 merges two ventures: Autumn, a platform for financial goal-setting and wealth planning, and 22seven, a budget aggregation and tracking app.
Old Mutual announced the rebranding of 22seven to Vault22 earlier this month to reflect an expanded focus on financial fitness and inclusivity.
Vault22 offers tools for financial planning, targeting a significant need in a country where only 24% of the population reported feeling financially stable, as indicated by the 2023 FinScope survey.
With the top 20% of income earners accounting for over 68% of total income, Vault22’s launch comes at a time when South Africa faces a growing demand for financial literacy and inclusion solutions.
The platform is designed to help users develop healthier spending habits, manage debt, and improve financial stability. It includes financial tools such as debt reduction guides, investment options, and real-time spending insights, which were previously limited to high-net-worth individuals.
Benito Mable, founder and CEO of Vault22, said, “Wealth management remains largely exclusive to high-net-worth individuals who have access to private banks and advisory networks. Our mission has been to build an inclusive digital platform that empowers users to make informed financial decisions daily, improving their financial well-being and enabling them to plan and invest in their future.”
With more than 200 000 pre-registered users in South Africa, Vault22’s initial adoption suggests significant interest in financial management resources.
For South African businesses, Vault22 provides tools that may be used to promote employee financial wellness, which research suggests can impact job satisfaction and productivity. Companies could potentially consider incorporating Vault22 as part of their employee support programmes.
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