Savings and investment startup, Piggyvest has acquired Savi.ng, a wealth management app.
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.
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.
What this acquisition means
According to the company, all existing Savi.ng users will be automatically migrated to Piggyvest but for existing Piggyvest users, nothing changes. The company will continue to provide its savings and investment options to its users.
Piggyvest said this acquisition is in line with its vision to provide “financial freedom for all” and they believe in a connected ecosystem and their mission to give everyone the power to better manage and grow their finances remains ever strong.