There’s some colossal news from PiggyVest. The Nigeria-primarily based completely wealth administration app big launched in a Medium post that it has got a smaller competitor Savi.ng. The financials of the deal used to be no longer disclosed.
Beneath the deal, all present Savi.ng customers will most likely be routinely migrated to Piggyvest. Savi.ng used to be founded in 2018 by VFD Microfinance and on the second has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the different hand has bought a million-plus downloads.
“It’s extra of a employees acquisition,” PiggyVest co-founder, Joshua Chibueze, explained to TechCabal over a call.
The employees on the abet of Savi are reputed to win salvage expertise in finance and are savvy with monetary instruments. This expertise quality brought on PiggyVest’s pass to compose the wealth administration startup.
“Fintech is 2 issues. Fin and tech. We divulge we’re factual at tech and buyer acquisition so we want many fiscal gamers as that it is seemingly you’ll per chance per chance per chance also believe to consolidate what we’re making an strive to achieve,” Chibueze adds.
The acquisition, consolidates PiggyVest’s development and capability to dominate Nigeria’s hotly competitive financial savings and investment home. Final yr, it paid abet NGN90 billion ($220 million) to customers which on the second numbers as much as three million.
The pass additionally signals a obvious vogue for Africa’s native startup ecosystem – that it is far that it is seemingly you’ll per chance per chance per chance also believe to make for the sole diagram of selling to an even bigger player within the identical sector.
PiggyVest did let TechCabal know that there are extra acquisition bulletins to come within the yr. We’re keeping our fingers crossed.