Founded in 2016, PiggyVest began as a deposit-holding savings app that invested customer funds in government assets and has since evolved into a holding company operating multiple services including PiggyVest (wealth management), Pocket (payments), and Patronize (POS). The app enforces scheduled access to funds (four free withdrawals per year) and has paid out over ₦1.1 trillion to customers through fixed withdrawal timelines, disbursing ₦400 billion in 2022. PiggyVest reports roughly $25 million in revenue in 2021 and about $27 million in 2022, and the company says it has been profitable. By the end of 2022 the platform claimed over 4.5 million registered users on its wealth-management service. The holding company, PiggyTech Global Holdings Limited, is incorporated in the UK and Nigeria and, since mid-2023, shows a fund manager license through an affiliate, PV Capital. The firm has been pursuing external funding for more than two years amid valuation disagreements and a challenging fundraising environment. Piggybank.ng provides online savings plans that let low- and middle-income Nigerians deposit small amounts daily, weekly, monthly, or annually, with no upfront fees. Savers earn interest rates between 6% and 10% depending on product and duration, and the company invests client funds primarily in Nigerian government securities such as bonds and treasury bills. The startup recently launched Smart Target, a group investment product aimed at informal savings clubs (Esusu/Ajo) that automates goal selection and disbursement across member bank accounts. Piggybank.ng generates revenue through asset management fees and from the float its balances create at partner banks; users must hold accounts with those partner banks. The company reports 53,000 registered users (60% millennials) who have saved over $5M since 2016. Piggybank.ng says it will use new capital for license acquisition and product development, and it is pursuing a micro‑finance banking license with Nigeria’s Central Bank. Management has taken preliminary steps to launch in other African markets, notably Kenya, and plans to explore an agent network to enable cash funding of accounts.

Total raised

$4M

Funding rounds

2

Latest round

Safe

Latest activity

Feb 2024