Piggyvest, a Nigerian fintech startup that helps approximately three million users save and invest money, has purchased competitor Savi.ng as it looks to build its customer base further.
Piggyvest is an online savings and investment platform that allows low and middle income 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 startup 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 move on to the next stage 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.”
Savi.ng was wealth management software that allowed users to save using features like automated savings, fixed deposits, shared savings, and PAYE until it was acquired in 2018. All existing Savi.ng users will be moved to Piggyvest instantly.
“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.