Savings Giants PiggyVest acquires local rival app Savi.ng
- Piggyvest has acquired Savi.ng, a wealth management app
- All existing Savi.ng users will be automatically migrated to Piggyvest in the coming months.
- The two companies now have a combined user base of over 3 million users.
Nigeria’s chief savings and investment startup, PiggyVest, has acquired a smaller local competitor Savi.ng, as it looks to expand its offerings in the wealth management space. The Nigeria-based wealth management app giant announced via a Medium post that it has acquired Savi.ng, although the terms and conditions of the deal were not disclosed.
A select team of Savi.ng employees is expected to join PiggyVest as part of the acquisition deal. The team is also preparing to set up clients’ accounts on PiggyVest’s app to ensure their portfolio is synced and ready for transacting.
Until the acquisition, Savi.ng was a wealth management app launched in 2018. It allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE. Savi.ng was founded by VFD Microfinance and currently has over 10K+ downloads on Google Playstore.
Why the Acquisition?
PiggyVest wrote in its blog post, “For you, our existing Piggyvest users, nothing changes; everything continues to work as normal. We will continue to provide you with the best savings and investment options that we can, and you will continue to be part of a community of 3 million people (and counting!) in the Piggyvest family.”
“We’ll continue the good work the Savi.ng team has started. 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 also announced plans to roll out improvements and updates on their app in the coming months.
“Our parent company, Piggytech Global Limited, continues to grow with a suite of consumer-focused finance products. We will continue to announce them as the year moves along. This announcement is one in a long list of announcements, improvements, and updates that we will have for you as we continue in 2021.”
Co-founder of PiggyVest, Joshua Chibueze added, “It’s more of a team acquisition. The team behind Savi is reputed to have solid expertise in finance and is savvy with financial tools. This talent quality prompted PiggyVest’s move to acquire the wealth management startup. 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”.
What the Acquisiton means
This means all of Savi.ng assets including its existing users will be automatically migrated to Piggyvest – the two companies now have a combined user base of over 3 million users. The acquisition also shows PiggyVest’s growth and capacity well as its intention to dominate Nigeria’s very competitive savings and investment space. 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 larger player in the same sector.
PiggyVest, formerly known as Piggy Bank, is one of the top savings and investment platforms in Nigeria. Founded in January 2016, Piggyvest has helped customers manage and grow their finances better. Piggyvest witnessed tremendous growth last year, as it paid back N90 Billion ($220 million) to users during the pandemic. The company also revealed that it has already surpassed that milestone in the first half of this year.