Piggyvest has announced its acquisition of the savings and investment company, Savi.ng, and all its assets, a process that began earlier in the year.
Until the acquisition, Savi.ng has been regarded as a smaller competitor to Piggyvest. It is a wealth management app that allows users to save via various features like automated savings, fixed deposits, joint savings and PAYE.
Although the monetary sum sealing the deal remains undisclosed, here’s what it means for both parties;
- All Savi.ng users will be migrated to Piggyvest.
- Nothing changes for Piggyvest users as everything continues to function as normal.
Since its launch in 2018, Savi.ng has garnered over ten thousand downloads on the Google play store, while Piggyvest which launched in 2016 has got one million-plus downloads.
Piggyvest’s Co-founder, Joshua Chibueze, describes the move as “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 as many financial players as possible to consolidate what we are trying to do,” Chibueze adds.
2020 was an incredible year for Piggyvest as it witnessed tremendous growth amid the pandemic. The company was able to pay the sum of 90 million naira to its three million users. 2021 however came with a bigger bang as the company has already surpassed the figure in the first half of the year.
Acquiring Savi.ng awakens various other Africa local Startups, it opens them to the possibility of selling to a larger player in the same sector.
Piggyvest also hints that its parent company, Piggytech Global Limited which prides itself in growing with a suite of customer-focused finance products will be announcing more improvements and updates in the coming year.