Leading savings and investment startup, PiggyVest is on course to expanding its local base with the acquisition of a smaller but promising wealth management startup Savi.ng. Although the financial implications of this acquisition was not revealed by the company.
According to a medium post released by the company, several talks to buy Savi.ng have started since the beginning of this year, which has now been completed. With the completion of the deal, all of Savi.ng assets including its existing users will be automatically migrated to Piggyvest.
What is PiggyVest?
PiggyVest is a wealth management and savings startup established in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze. Presently the savings and investment startup boasts of over 3,000,000+ people who have used PiggyVest to manage their money better, avoid excess spending and be more accountable.
Piggyvest has over one million downloads on play store. Last year, the company revealed that it had paid back N90 billion to its users.
What you should know
PiggyVest is on course to providing “financial freedom for all” its users, which is an important point of its vision as it believes in a connected ecosystem and their mission to give everyone the power to better manage and grow their finances.
Building on its growth, the wealth management Startup has now added Savi.ng to its portfolio. According to the company, all existing Savi.ng users will be automatically migrated to Piggyvest but for existing Piggyvest users, nothing changes.
The company will continue to provide its savings and investment options to its users. It’s more of a team acquisition,” PiggyVest co-founder, Joshua Chibueze
PiggyVest has been making big moves…
PiggyVest said it has spent the half of 2021, making plans, laying foundations and building partnerships needed for the next phase of its growth. Earlier this year, PiggyVest announced its ingenious partnership with music Startup uduX to help Nigerians invest in their favourite artiste and be part of the success story of their fav
The investment startup in Nigeria has now acquired a competitor Savi.ng to expand its base to every corners of the Nigerian market. PiggyVest has shown how much it is open and willing to partner and even acquire more startups in the near future as long as it is in line with its vision and we hear more acquisitions are coming.
Savi.ng used to be a wealth management app built by VFD microfinance with a team of highly skilled tech talent and launched in 2018. It allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.
You should know that PiggyVest used to be Piggybank.ng. Releasing a statement on the acquisition, the Co-founder of PiggyVest says
“We started PiggyVest to digitize ‘wooden box’ saving method – Odunayo Eweniyi.