PiggyVest began with a straightforward mission: to digitize the traditional method of saving money using physical wooden boxes, offering daily, weekly, or monthly savings options in an online format.
The concept was born in December 2015 when co-founders Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze were scaling down the workforce of their previous venture, PushCV, from 25 employees to just six.
Facing financial challenges but driven by a determination to connect with millennials, the team explored various ideas, hoping one would take off. By the following year, their new project, originally called PiggyBank, attracted about 450 users and enabled savings totaling ₦21 million (approximately $54,320), primarily through strategic Twitter promotions with minimal marketing expenses.
Odunayo Eweniyi, the Chief Operating Officer, credits this milestone as proof that the platform had the potential to thrive. Over time, the startup evolved through trial and error, ultimately emerging as a globally recognized financial innovation.
In the years since its launch, PiggyVest has experienced exponential growth. By the close of 2019, the platform boasted a million users collectively saving about $80 million. Entering 2020, the company had ambitious plans, but the global pandemic posed significant challenges to economic activity.
Initially, the leadership feared users might withdraw their savings en masse. Surprisingly, the opposite occurred. “People are doubling down on saving and investing,” Eweniyi revealed. Instead of emptying their accounts, customers moved funds between different wallet types on the platform, ensuring accessible options while maintaining their savings habit.
During these uncertain times, PiggyVest focused on reassuring its users about the security of their funds. The company’s emphasis on building a personable and approachable brand — allowing customers to interact directly through social media channels like Twitter — helped maintain confidence, with no significant disruptions to operations.
PiggyVest last secured funding in May 2018, raising $1.1 million in seed capital from investors including LeadPath Nigeria, Village Capital, and Ventures Platform. This funding facilitated the acquisition of a microfinance banking license.
Over time, the platform redefined itself as a comprehensive wealth management solution aimed at millennials. PiggyVest’s offerings now extend to micropensions, microinsurance, and democratized access to government-backed financial instruments such as treasury bills.
“Our vision is to help young people fully leverage the financial ecosystem without the need for significant resources,” Eweniyi explained.
When asked about potential collaborations with competitors to develop joint products, she remained open, stating, “I wouldn’t say never to anything.”
For now, PiggyVest measures its success through four key metrics: the number of registered users, active users, monthly savings volume, and total assets under management.
