Nigerian based wealth management platform - Piggyvest has acquired VFD owned Savi.ng - a platform that is also into wealth management for an undisclosed fee.
"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." PiggyVest.
Launched in 2018 by VFD Microfinance, Savi.ng was a wealth management app that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE. Under the new deal, all existing users of Savi.ng would automatically be migrated to Piggyvest.
"It's more of a team acquisition. Fintech is two things. Fin and tech. We believe we are good at tech and customer acquisition, so we need many financial players as possible to consolidate what we are trying to do PiggyVest." Co-founder Joshua Chibueze on the acquisition of Savi.ng
PiggyVest figures indicate that the firm is on an upward trajectory. Last year, PiggyVest paid back N90 Billion to its 3 million users - a figure which the company claims to have surpassed in the first half of 2021.
The move also signals a positive trend for Africa's local startup ecosystem – that it is possible to build for the sole purpose of selling to a more significant player in the same sector.
Nigeria in focus
GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019
Population: 206,139,587 in 2020 compared to 200,963,03 in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019