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PiggyBank, the financial management tech startup is taking big leaps in 2019, stepping into new boundaries and exploring new possibilities in the fin-tech industry where it has garnered admirable influence.

In a recently published blog post, PiggyBank announced it’ll be broadening its business coverage, moving from being just a savings product into a ‘robust financial management platform’. To further accentuate this fundamental change, the company also took on a new name that would appropriately represent what their brand now stands for – PiggyVest.

With the new changes, the tech startup is poised to bring enhanced savings and investments products tailored to help customers manage and grow their finances better. They are also looking to widen their reach to cater to more users across the world.

PiggyBank launched in 2016 thanks to the wit of three techpreneurs – Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze. While being mainly a savings platform, they also had other great products like Safelock, Target Savings, PiggyFlex and AvonFlex. Its savings plans are targeted towards low and middle-income Nigerians, allowing them to save small amounts on daily, weekly, monthly, or annual basis. The interest rate on savings lies between 6 to 10 percent, depending on the type and duration of the investment.

Last year, PiggyBank announced a successful $1.1M seed funding round led by LeadPath Nigeria, with support from Village Capital and Ventures Platform. Shortly after, the StartUp announced Smart Target – a product that makes informal group savings in Africa like Esusu or Ajo group more secure and yields more interest. They also acquired licenses that would enable them to operate as an independent entity separate from banks.

After two successful years of operation, PiggyVest now boasts around 200,000 registered savers,  and claims to have processed over one billion naira (₦1,000,000,000) for January 2019  alone.

With PiggyVest, the fin-tech startup promises a dynamic range of new savings and investments products for its customers and would-be customers.

Follow this link to sign up on PiggyVest.

Featured image source: PiggyVest

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This article was first published on 20th February 2019 and updated on August 15th, 2019 at 2:28 pm


Tobenna is a writer, programmer and musician who is passionate about God, tech, and music. Follow him on Twitter and Facebook by clicking the icons below.

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