Piggyvest has announced the acquisition of Savi.ng, a savings and investing company, in order to expand its wealth management capabilities.
Savi.ng was launched in 2018 by VFD Microfinance and has over 10,000 downloads on Google Playstore.
The wealth management app allowed users to save using a variety of options such as automated savings, term deposits, joint savings, and PAYE before the acquisition.
The acquisition will allow PiggyVest to play a bigger role in wealth management, a fintech sector that is receiving a lot of interest from investors.
Joshua Chibueze, Piggyvest’s co-founder, sees the move as “more of a team acquisition.”
“There are two aspects to fintech. Fintech and financial services. We feel we are strong in technology and client acquisition, so we need as many financial actors as possible to help us combine our efforts,” Chibueze says.
“For you, our existing Piggyvest users, nothing changes; everything continues to work as usual. We’ll keep providing you with the best savings and investing alternatives we can, and you’ll continue to be a member of the Piggyvest family of 3 million people. All existing Savi.ng users will be automatically migrated to Piggyvest, and we’ll carry on the wonderful work started by the Savi.ng team. Our goal remains the same: financial independence for all, and this acquisition brings us one step closer. We believe in a linked ecosystem, and our mission to empower everyone to better manage and grow their money is as strong as ever.” PiggyVest added.
During the pandemic, Piggyvest experienced remarkable growth.
The company was able to pay its three million users a total of 90 billion naira.
The year 2021, on the other hand, began with a boom, as the startup had already exceeded the amount in the first half of the year.
Read more on Tech Gist Africa:
CrowdyVest appoints Tope Omotolani as the New CEO, attracts New Investors
Zeepay, a Ghanaian fintech firm, has acquired Mangwee, a Zambian mobile money operator