[Transcript] #77: PiggyVest - How the savings and investment platform is providing financial services across Nigeria
Transcript for episode recorded October 30 2024
Hello,
On Afrobility, we’ve covered a lot of neobanks. Piggyvest is a great example of zigging while others zag – focusing on savings and investment, and avoiding lending.
Piggyvest was founded in 2016 by friends from University. According to them, the idea came from digitizing a physical piggybank. We covered them positively, and their recent numbers show why. As of the end of 2024, they have 5.5M+ Piggyvest users (8.2M+ including PocketApp) and 76% AUM growth during 2024.
You can listen to the Afrobility episode here. Transcript is available below.
Bankole
[00:00:00] Olumide Ogunsanwo: Today, we're going to talk about PiggyVest, the Nigerian savings and investment platform. We'll discuss the story across the following areas.
[00:00:06] Olumide Ogunsanwo: First, we'll give some context about PiggyVest. Second, we'll discuss PiggyVest's launch in early history. Third, it's product to monetization strategy. Fourth, it's competitive positioning and potential exit options. And fifth, we'll end with our views and overall outlook. This episode was recorded on October 30th, 2024.
[00:00:21] Olumide Ogunsanwo: We're talking about PiggyBank. ng, aka PiggyVest, aka PiggyTech, the corporate holding structure. In corporate marketing speak, PiggyVest is West Africa's first digital savings and micro investment app with a focus on restoring trust and democratizing financial services for Gen Z and millennials.
[00:00:39] Olumide Ogunsanwo: Very, very nice. Corporate speak. Good marketing.
[00:00:41] Bankole Makanju: I just, I just, I just thought it's a savings app, is what I would
[00:00:45] Olumide Ogunsanwo: say. Yes, I prefer the simple one that I prefer to use. Savings and investment platform for Nigerian consumers. Easier to understand than the trust stuff. I don't know what all that other stuff is.
[00:00:54] Olumide Ogunsanwo: So, yeah,
[00:00:55] Bankole Makanju: why are we talking about PigInvest today? It's a really big, sizable company. They keep their funding news close to their heart, but they have a lot of users. If you contrast it to some of the more popular ones that have raised literally hundreds of millions of dollars, they're in the same ballpark versus with user numbers, etc.
[00:01:10] Bankole Makanju: So it's reasonable to assume they've raised the same amount of money. They have global recognition, they are one of the top 250 fintech companies globally, as ranked by CNBC.