PiggyVest Acquires Wealth Management App, Savi.ng

Nigerian savings and investment platform, PiggyVest, has announced the acquisition of Savi.ng, which provides wealth management services to users.

The acquisition, which was announced on Tuesday, would help PiggyVest play a bigger role in wealth management, a segment of fintech that is increasingly gaining investors’ attention.

According to the company, discussions to buy Savi.ng which started earlier this year has now been completed. Before the acquisition, Savi. ng was a wealth management app launched in 2018. The app allowed users to save via various features like automated savings, fixed deposits, joint savings, and PAYE.

With the completion of the deal, all of Savi.ng assets including its existing users will be automatically migrated to Piggyvest.

Since launching in 2016 by Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze, over 3,000,000+ people have used PiggyVest to manage their money better, avoid over-spending and be more accountable. Piggyvest has over one million installs on PlayStore. Last year, the company revealed that it had paid back N90 billion to its users.

The company has spent the first half of 2021 laying foundations and building partnerships needed for the next phase of its growth. Earlier this year, Piggyvest partnered uduX to help Nigerians invest in their favourite musicians and now the startup has acquired Savi.ng to expand its investment and savings offerings.