The Nigeria-based fintech company PiggyVest, which helps people better manage their money, has announced the acquisition of Savi.ng.
Savi.ng is a wealth management app founded in 2018.
Savi.ng allows users to save through features such as automated savings, fixed deposits, joint savings and a Pay-As-You-Earn (PAYE) tax. The latest acquisition will see all its existing users (primarily Nigerians) migrate to the PiggyVest community of more than 3 million people.
As it leads its community of users on a journey to financial freedom, the fintech startup is also helping them curtail excessive spending, grow their finances and become more accountable through responsible savings and on-the-go investment.
The fintech company claimed to have paid users N90 billion ($218.85 million) in 2020 despite setbacks necessitated by the COVID-19 pandemic. However, PiggyVest boldly claims to have surpassed that amount in 2021.
The Eweniyi-led company is a subsidiary of Piggytech Global Limited, a company that designs and develops software solutions.
In 2016, alongside two other Nigerians, Somtochukwu Ifezue and Joshua Chibueze, Eweniyi co-founded the startup. PiggyVest offers online savings plans, primarily to low- and middle-income Nigerians, to enable deposits of small amounts on a daily, weekly, monthly and annual basis.
While Eweniyi functions as PiggyVest’s COO, Ifezue is the lead product engineer.
Apart from co-founding Piggyvest, Eweniyi previously co-founded pushcv.com. In January, alongside Endeavor Nigeria Managing Director Eloho Omame, Eweniyi co-founded FirstCheck Africa.
FirstCheck Africa is a female-led, female-focused angel fund and investor community set up to help women learn how to invest by fixing capital access for female tech entrepreneurs in Africa.
She was also the brains behind the launch of Feminist Coalition, a movement that synergized Nigerian youth during the October 2020 #EndSARS campaign, and Wine & Whine Nigeria, which hosts women-only meetups, events and parties, and aims to create safe spaces for Nigerian women.