Piggybank secures $1.1 million seed funding

by | May 31, 2018

Piggybank.ng, an online and mobile app savings platform targeted at African millennials, this morning announced it has closed a seed funding of $1.1 million from high net worth individuals, led by Olumide Soyombo, founder of LeadPath Nigeria, and with participation from international and pan-African investors, Village Capital and Ventures Platform.

The company will deploy the investment into license acquisition, product development, as well as on additional marketing spend.

Founded in 2016 by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, graduates of Covenant University, Nigeria, Piggybank.ng looks to fill a void for as many Nigerians who have no access to credit.

After depositing small amounts of money on a daily, weekly or monthly basis, depending on the saving target, savers can expect to earn on average 6% per annum on automated savings or 10.95% per annum on the fixed deposit product. Piggybank.ng generates its revenue through asset management, which currently stands at 5 – 7%.

Advertisement

In a press release Joshua Chibueze, co-founder and CMO of Piggybank, notes that “Today’s announcement allows us to expand and capitalise on the many opportunities that the market presents us with. With this fundraiser, we can invest significantly in our people and products, as we build a digital financial warehouse accessible to millions of Africans whose savings woes we want to put firmly behind them.”

Piggybank.ng also claims to have recently acquired a micro-financing license from the Central Bank of Nigeria (CBN). The license, which provides the relevant regulatory cover, will allow them independence from partnering with banks.

As of June 2018, the company will also be expanding its product range to include Smart Target, a group savings tool, that can be scaled from family-size to large corporations, based on the age-long West African tradition of ajo or esusu to leverage the power of communal savings and harness the network effect of accountability.

Image Credit: Seun Sanni.

Ifeanyi Ndiomewese
Ifeanyi Ndiomewese

Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.

Advertisement


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Afebu
Afebu
4 months ago

Nice one. Kudos to piggyvest

Recent News

[PODCAST] Taxing calls to give you healthcare

[PODCAST] Taxing calls to give you healthcare

The Nigerian government wants to tax phone calls to provide better healthcare. In today’s edition of the #TechpointAfricaPodcast, we discuss possible implications and upsides to this.

TABS is tomorrow! 💃 💃

TABS is tomorrow! 💃 💃

On #TechpointDigest, we discuss Victory Farms’ $5m investment, Netflix for kids and people with disabilities, and TikTok’s plan to credit creators.

TikTok on a “Branded Mission”

TikTok on a “Branded Mission”

On #TechpointDigest, we discuss Autochek’s new acquisition, TikTok’s Branded Mission, Bamba’s $3.2 million seed, and Jumia’s report for Q1 2022.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap