Piggyvest, a Nigerian fintech startup, in its quest to expand its services across the country, has acquired wealth management startup, Savi.ng.
Piggyvest, although, did not disclose the cost of the acquisition, noted that the process of acquiring Savi.ng started in the beginning of the year, and has now been finalized.
“Earlier this year, we began discussions to acquire a savings and investment company, Savi.ng and all its assets and we are more than proud to announce today that the acquisition is now completed,” the startup said in a medium post.
With this acquisition, Piggyvest disclosed that all existing Savi.ng users will be automatically migrated to Piggyvest, and they will continue to use the services provided by Piggyvest.
With a user base of over 3 million, Piggyvest has been helping its users save and invest their money.
The startup was launched as Piggybank in 2016. And in 2019, it underwent a rebrand that resulted in its name getting changed to Piggyvest.
Piggyvest recognizes as an online savings and investment platform that targets low and middle income Nigerians. The startup allows users to deposit and put aside small amounts on a daily, weekly or monthly basis.
Co-founded by Ayo Akinola, Joshua Chibueze, Nonso Eagle, Odunayo Eweniyi, and Somto Ifezue, the startup noted that it paid ₦90 billion to its users in the course of 2020, and has surpassed that figure already in 2021.
“2020 was an incredible year for Piggyvest, we saw tremendous growth even in a pandemic year – we paid back N90 Billion to our users in the course of the year.”
Savi.ng was launched in 2018. Prior to its acquisition, it was a wealth management app that allowed users to save through some of its features that include: automated savings, fixed deposits, joint savings and PAYE.
“Our vision remains the same: financial freedom for all, and with this acquisition, we are a step closer. We believe in a connected ecosystem and our mission to give everyone the power to better manage and grow their finances remains ever strong,” Piggyvest added.