Nigerian fintech startup Piggyvest, which helps around three million users save and invest money, has acquired counterpart Savi.ng as it looks to build its customer base further.
Launched in 2016 as Piggybank before a 2019 rebrand, Piggyvest is an online savings and investment platform targeted primarily at low and middle income Nigerians, allowing them to deposit and put aside small amounts on a daily, weekly or monthly basis.
The startup has seen strong growth, repaying billions of naira to its users and already surpassing its 2020 figures in the first seven months of 2021, and is now set for the next phase of its development.
“The first half of 2021 has been an intense building period for the entire Piggyvest team,” the startup said in a statement.
“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.”
Launched in 2018, Savi.ng was until the acquisition a wealth management app that allowed users to save via features like automated savings, fixed deposits, joint savings and PAYE. All existing Savi.ng users will now be automatically migrated to Piggyvest.
“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 said.