There’s some great news from PiggyVest. The Nigeria-based wealth management app giant announced in a Medium post that it has acquired a smaller competitor Savi.ng. The financials of the deal was not disclosed.
Under the deal, all existing Savi.ng users will be automatically migrated to Piggyvest. Savi.ng was founded in 2018 by VFD Microfinance and currently has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the other hand has got one million-plus downloads.
“It’s more of a team acquisition,” PiggyVest co-founder, Joshua Chibueze, explained to TechCabal over a call.
The team behind Savi are reputed to have solid expertise in finance and are savvy with financial tools. This talent quality prompted PiggyVest’s move to acquire the wealth management startup.
“Fintech is two things. Fin and tech. We believe we are good at tech and customer acquisition so we need many financial players as possible to consolidate what we are trying to do,” Chibueze adds.
The acquisition, consolidates PiggyVest’s growth and capacity to dominate Nigeria’s hotly competitive savings and investment space. Last year, it paid back NGN90 billion ($220 million) to users which currently numbers up to 3 million.
The move also signals a positive trend for Africa’s local startup ecosystem – that it is possible to build for the sole purpose of selling to a larger player in the same sector.
PiggyVest did let TechCabal know that there are more acquisition announcements to come in the year. We are keeping our fingers crossed.