There’s some big recordsdata from PiggyVest. The Nigeria-essentially essentially based wealth administration app broad announced in a Medium publish that it has purchased a smaller competitor Savi.ng. The financials of the deal change into once no longer disclosed.
Beneath the deal, all present Savi.ng users will seemingly be robotically migrated to Piggyvest. Savi.ng change into once founded in 2018 by VFD Microfinance and currently has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the opposite hand has purchased a million-plus downloads.
“It’s extra of a team acquisition,” PiggyVest co-founder, Joshua Chibueze, defined to TechCabal over a call.
The team within the motivate of Savi are reputed to absorb solid abilities in finance and are savvy with financial tools. This abilities quality precipitated PiggyVest’s switch to attract the wealth administration startup.
“Fintech is 2 things. Fin and tech. We mediate we’re factual at tech and customer acquisition so we need many monetary avid gamers as imaginable to consolidate what we’re searching to attain,” Chibueze provides.
The acquisition, consolidates PiggyVest’s development and skill to dominate Nigeria’s hotly aggressive financial savings and funding dwelling. Closing year, it paid motivate NGN90 billion ($220 million) to users which currently numbers as a lot as three million.
The switch also signals a obvious improvement for Africa’s local startup ecosystem – that it’s a ways imaginable to make for the sole motive of promoting to a greater participant within the same sector.
PiggyVest did let TechCabal know that there are extra acquisition bulletins to reach motivate within the year. We’re conserving our fingers crossed.