Piggyvest is a leading online savings and investment platform in Nigeria, designed to help individuals and businesses manage their finances effectively. Initially launched as Piggybank.ng in 2016, the platform rebranded to Piggyvest in 2019 to reflect its broader range of financial services.
Piggyvest was co-founded by Odunayo Eweniyi, Joshua Chibueze, and Somto Ifezue. The idea was inspired by the traditional Nigerian practice of saving money in wooden boxes known as "Kolos." The founders saw an opportunity to digitize this habit and provide a more secure and efficient way for Nigerians to save. Since its inception, Piggyvest has grown rapidly, becoming Nigeria's largest savings platform with millions of users.
Piggyvest has raised significant funding over the years. Key funding milestones include:
Secondary Transaction: Completed in 2024
The company has raised a total of $4.15 million over multiple funding rounds. Piggyvest's valuation details are not publicly disclosed, but it is considered one of the top fintech companies in Africa.
Piggyvest offers a variety of savings and investment products designed to meet different financial goals:
Piggybank: Automated savings plan with interest rates between 12%-17% per annum
SafeLock: Allows users to lock funds for a fixed period, earning up to 12.5% interest per annum
Target Savings: Goal-oriented savings plan for individual or group savings
Flex Naira and Flex Dollar: Emergency fund savings accounts with free transfers and withdrawals
Investify: Investment opportunities in various sectors, including agriculture and production
Piggyvest has expanded its product offerings through strategic acquisitions and continuous innovation. In 2021, Piggyvest acquired Savi.ng, a competitor in the savings space, to enhance its product lineup. The rebranding from Piggybank.ng to Piggyvest in 2019 marked a significant expansion in their services, including the introduction of insurance products and group investment options.
Piggyvest regularly introduces new features to meet user needs. Recent additions include:
HouseMoney: Helps users save for rent and household bills.
Upcoming Salary Management Feature: Aims to provide users with better control over their salaries
Piggyvest is driven by a mission to empower Nigerians to manage their finances better. The company values innovation, transparency, and customer-centricity. Co-founder Odunayo Eweniyi emphasizes the importance of understanding user needs and continuously improving the platform to meet those needs. The company also supports various social causes, including women-led projects and financial literacy initiatives.
Piggyvest boasts a large and growing user base, with over 5 million users as of 2024. The platform has helped users save and invest billions of Naira, making it a trusted financial partner for many Nigerians. The community is highly engaged, with users actively participating in events like the Piggyvest Open House, where they can interact with the founders and learn about new features.
