Nigerian fintech startup, Piggybank, is rebranding and changing its name to PiggyVest, with the addition of investment features. Recall that in May, 2018, the company closed $1.1M in seed funding, led by Leadpath Nigeria, with Village Capital and Ventures Platform.
Founded in 2016, Piggybank.ng offers online savings plans — primarily to low- and middle-income Nigerians — for deposits of small amounts on a daily, weekly, monthly, or annual basis. There are no upfront fees.
Savers earn interest rates of between 6 to 10 percent, depending on the type and duration of investment.
Over the years, the firm has added more product catalogues such as Safelock, Target Savings, PiggyFlex, and AvonFlex (Insurance). In the next few weeks, the firm will be transitioning to a broader and more robust financial investment and management platform.
It’s the same Piggybank.ng, but better, with more savings and investments products tailored to help you better manage and grow your finances. We are fanatical about providing quality service to you and will continue to do so. With our new name, PiggyVest, we are able to reach even more users across the world who want to better manage all aspects of their finances.
We love the name “Piggybank” just as much as you do, and to have a little reminder of our journey, we will be replacing it what is currently known as “Core Savings” on the platform. This means your Core Savings will now be called your “Piggybank Savings”.
The next 12 months will see us adding even more safe & secure investment features to reflect our mission of helping you better manage and grow your finances.
PiggyBank currently has over 53,000 registered users. 60 percent of which, have saved in excess of $5M since the product launch in 2016. While digital payments products have been on the rise in Africa, digital investment platforms have yet to emerge at any scale. PiggyBank must be able to provide digital investment solutions at a lower cost than traditional investment advisor platforms. Focusing on risk tolerance and proper guidance of users through available investment choices, based on their financial goals and investment preferences. This can only be possible by hyper-focusing on delivering solutions designed to meet specific users’ need.
As a way of helping them achieve a smooth transition, please answer this survey. The First 10,000 people to answer this survey get ₦500 in their Piggyflex wallet instant.