Moneysmart, a South African personal financial management tool, has shut down the financial service and has redirected its focus to a business-to-business (B2B) model, reports Disrupt Africa.
The MoneySmart team shut down the consumer end of the tool on May 1.
The tool was launched in 2011 to help people manage their spending, pay off their debts faster and find savings. Moneysmart offers automatic integration with major South African banks and an online banking platform.
MoneySmart says the pivot is in reaction to market vibes. “As a result of the demand from the industry, our focus is now shifting to a business-to-business model. This is where we believe we can make a real difference while still serving your needs – only this time through your own trusted bank, lender, insurance, healthcare or investment provider and not a personal finance management tool,” the team said.
The firm reportedly, will continue to operate under its holding company, Limitless Technology Group and also focus on building new and innovative solutions. The firm also intends to keep its community blog and monthly newsletter active as a free education service, offering financial tips to its users.
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