• FOUNDING YEAR: 2016
    LOCATION:
    Nigeria
    REGION:
    Last Update:
    18 Oct, 2019

Description

FOCUS

PRODUCTS & SERVICES:
Piggybank is an automated savings tool that allows users to save little amounts of money daily, weekly or monthly basis. A user can start savings as little as $1 (N50) per day. It earns interest rate 6 to 10 percent which depends on the investment type and duration. Users need to create an account with one of PiggyBank.ng’s bank partners and it links their debit card. With the platform, users can set a target for savings and it periodically (daily/weekly/monthly) deducts money from their debit card to the piggybank account. Once it reaches the target date the user can withdraw their money. The platform provides interest rate to users' savings by investing in Nigerian government securities, such as bonds and treasury bills. It provides SafeLock feature that allows users to locks funds for a fixed period of time. The user can transfer funds from their piggy bank account to sub-account for a certain time period (user can choose between 10 and 1000 days).
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
The company targets to low & middle income people and savings groups.
EXISTING PARTNERSHIPS:
The company has partnered with two microfinance banks to manage their users accounts.
COMMENT
It has recently added Smart Target feature which offers a more secure and higher return option for Esusu or Ajo group savings clubs common across West Africa. The company focuses on to build a financial warehouse where other financial providers can offer their services to PiggyBank users.

PEOPLE

FOUNDERS:
Joshua Chibueze, Odunayo Eweniyi
INVESTORS:
Leadpath Nigeria, Village Capital, Ventures Platform
KEY EMPLOYEES:
Adam Bickford (CTO); Joshua Chibueze (CMO); Odunayo Eweniyi (COO)

TRACTION

TRANSACTIONS COMMENT:
The company claims it has recorded between 20 to 35 percent month-on-month (MoM) growth in user traction over the past 12 months. (May 2018)
ACTIVE USERS COMMENT:
The platform has 53k registered users - 60% of users are Nigerian millennials - with savings in excess of US$5 million. (May 2018)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$1.1 Millions
DATE OF LAST FUNDING:
May 2018
TOTAL FUNDING COMMENT:
The company plans to use the capital for license acquisition and product development. It also uses to build a digital financial warehouse accessible to millions of Africans whose savings woes they want to put firmly behind them. (May 2018)
SEED & PRIOR FUNDING:
$1.1 Millions
SEED CLOSED ON:
May 2018
LISTED:
NO

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