Somto Ifezue is the Lead Product Engineer and co-founder of PiggyVest. PiggyVest, formerly known as Piggy Bank, is an online platform where users can save money and achieve their financial goals. Also, people can invest their money in various businesses through the platform and earn up to 25% return on investments.
Early life and Education
Information about Somto’s early life has been largely unknown. However, one thing is clear, he was born and bred in Nigeria. In 2008, he gained admission to study Mechanical Engineering at Covenant University. After which he graduated in 2013. It was also at the university that he met Joshua Chibueze and Odunayo Eweniyi who impacted his career. Later, he would launch over 8 businesses with both of them.
Somto started working for companies right from his second year at the University. He first worked at Dinocom Integrated Resources Limited between June 2010 to October 2014, as the Head of Information. There, he was in charge of installing and configuring the computer systems owned by the company.
He also analyzed call logs to observe trends and underlying issues. In this same period, Somto also worked at Saj Parolz Entertainment Limited between April 2012 to January 2015, as the Lead Developer. There, he handled strategic planning and sales strategy development.
Somto Ifezue, Joshua Chibueze, and Odunayo Eweniyi have been into a lot of businesses together. In total, they have founded over 8 startups, but each of them failed.
However, most of these failures were not because they were incompetent or lack imagination. For instance, 500Dishes was one of their startups that failed due to some factors beyond their control.
Apart from 500Dishes, a few of their businesses such as 99Startups and FrontDESK also failed. These failures did not deter them rather they taught them not to waste time and resources fixing failed businesses. So, the trio decided to put their ideas and money into other startups like PushCV and Piggy Bank. Subsequently, these two startups gained traction and became successful.
After their other businesses failed, he and his partners founded PushCVin in 2014.PushCV gained traction and later became the largest pool where the best talents are connected to top employers and recruiters.
Some of PushCV’s big clients include Hotels.ng, Mansard, Union Bank, ARM Life, Stresert Recruitment Agency, and many more.
PiggyTech Global Limited
Riding on the wings of PushCV’s success, he founded Piggybank with Joshua Chibueze and Odunayo Eweniyi in 2016.PiggyBank helps individuals and businesses to manage their finances effectively. It also allows people to save and invest with ease. Then, Piggybank functioned by partnering with 2 Microfinance banks and using their licenses. In 2018, Piggy Bank acquired Gold Microfinance bank and its license.
Thereafter, it was rebranded to PiggyVest. Today, PiggyVest is duly registered as PiggyTech Global Limited – RC 1405222. It is also registered as a cooperative company with the name, Piggytech Cooperative Multipurpose Society Limited, with registration number 16555.
All the money saved on this platform is warehoused and managed by AIICO Capital, the leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC). PiggyVest raised over 1.1 Million USD, most of which was from Nigerians.
Unlike other startups that had to look abroad for investment, the founders of PiggyVest were able to garner support from Nigerians.
Somto Ifezue is also active on many social media platforms.
Instagram: Somto Ifezue
LinkedIn: Somtochukwu IfezueFeatured Image Source: Makemoney NG
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