PiggyVest Acquires Rival, Savi.ng Amid Intense First Half of 2021
- Investment startup, Savi.ng, has been acquired by PiggyVest as the company moves to improve its customer base
- The Nigerian savings startup acquired Savi.ng to incorporate its asset with that of PiggyVest to form a dominance in the Fintech market
- PiggyVest has over N20 billion in savings monthly, and has secured $50,000 in fundraising within four years
Nigerian savings app, PiggyVest, has acquired a digital investment service firm, Savi.ng, after experiencing an intense first half this year.
The two companies had entered acquisition talks earlier this year following a bid by PiggyVest to incorporate the assets of Savi.ng into its service.
Commenting on the deal, PiggyVest said:
“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.”
Source: Getty Images
Why did PiggyVest acquire Savi.ng?
The acquisition is expected to increase the customer base of the online savings and investment platform which is co-founded by Odunayo Eweniyi, Joshua Chibueze, Ayo Akinola, Nonso Eagle, and Somto Ifezue.
With over N20 billion savings in its vault, PiggyVest is going the way of inorganic growth to boost the numbers of its users and balance sheet.
PiggyVest, which manages savings and investment of about three million users, has raised a total of $50,000 since its establishment in 2016, with the last fundraising being May 2018.
But the company's growth among urban population and Nigerian youths have allowed the startup to mostly bootstrap its way through Nigerian fintech market.
PiggyVest co-founders failed in eight businesses
In related news, PiggyVest co-founder, Joshua Chibueze, stated that before successfully founding the savings startup, the co-founders failed in many other businesses.
Chibueze said they tried their hands on many other businesses which included that of food, but they had to shut them down to limit their investment loss.
After about eight businesses failed, they finally succeeded in PushCV, before they later established PiggyVest, which grew beyond their projection.
Source: Legit.ng
