Piggyvest, one of Nigeria’s foremost savings and investment platforms acquires Savi.ng, a wealth management app as plans to further expand its customer base in Nigeria.
Piggyvest is a platform that allows poor and moderate class Nigerians to deposit and save small sums on a daily, weekly, or monthly basis. It was first launched in 2016 as Piggybank before being rebranded in 2019. The firm has experienced rapid growth, repaying billions of naira to its users and exceeding its 2020 figures in the first seven months of 2021, and is now ready to go on to the next stage of its development.
In a statement released by the firm, they said:
“The first half of 2021 has been an intense building period for the entire Piggyvest team. 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.”
The acquisition cost was however not disclosed. All of Savi.ng assets, including its current users, will be seamlessly moved to Piggyvest once the transaction is completed.
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According to the company, the acquisition is in line with its mission of promoting financial freedom to everyone. The corporation announced last year that it had returned N90 billion to users. However, it claims to have already surpassed that mark in the first half of this year. Savi.ng has been added to the company’s portfolio as it continues to expand.
Piggyvest teamed up with uduX earlier this year to allow Nigerians to invest in their favorite bands. This demonstrates the company’s desire to broaden its investing prospects.
Savi. ng, founded in 2018, was a wealth management app before the acquisition. It offered a variety of savings options, including automated savings, term deposits, joint savings, and PAYE.
“Our vision remains the same: financial freedom for all, and we are one step closer with this acquisition. We believe in a linked ecosystem, and our objective to empower everyone to manage and develop funds remains unwavering.” Piggybank stated.