Nigerian fintech startup, Piggyvest Acquires Savi.ng
In a blog post released on their Medium platform, Nigerian fintech startup, Piggyvest has announced its acquisition of a smaller competitor, Savi.ng.
Prior to this acquisition, Savi.ng was a wealth management app that helps users save money using diverse features such as automated savings, fixed deposits, joint savings and PAYE.
As part of the deal, existing Savi.ng users will be onboarded into the Piggyvest platform continue to enjoy a suite of financial services.
“Existing Savi.ng users will be automatically migrated to Piggyvest and we’ll continue the good work the savi.ng team has started. 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 in the blog post.
In a chat with TechCabal, Josh Chibueze, cofounder of Piggyvest explained that Savi.ng was acquired primarily for the skills and expertise of the founding team. “Fintech is two things. Fin and tech. We believe we are good at tech and customer acquisition so we need as many financial players as possible to consolidate what we are trying to do.”
What this means for the larger African ecosystem?
This move signposts the coming of age of African startups; where young upstarts can found their own startups and sell it to a larger competitor. More so, it also signals Piggyvest’s intention to be a dominant player in the African savings and investment tech landscape.
Last year, Piggyvest paid over $200 million to its users and claims to have surpassed that amount in the first half of 2021.