Fintech Unicorn Flutterwave Invested in Piggyvest Parent Company in 2023 – Report
A recent report has disclosed that Nigerian Fintech unicorn Flutterwave invested in Nigerian largest online savings & investment platform.
Sources disclosed that the investment amounted to $3 million. While the terms of the deal are not been undisclosed, PiggyVest confirmed the investment without divulging further details. Before this investment, PiggyVest had publicly disclosed $1.1 million in venture funding.
Flutterwave’s investment marks a significant milestone in PiggyVest’s ongoing efforts to secure external funding, a process that has been underway for over two years.
The deal, structured as a SAFE (Simple Agreement for Future Equity), involves Flutterwave making a cash investment into PiggyVest with the expectation of receiving equity in a future funding round.
Notably, PiggyVest revealed that it had received a total of $5 million in venture funding since its establishment in 2016, a detail that had not been previously reported. In 2018, the company secured its last major venture funding round, raising $1.1 million from a group of angel investors.
Additionally, in 2021, Nigerian investment firm VFD Group acquired a 12% stake in PiggyVest, a transaction that involved a combination of cash investment and the merger of a competing VFD Group product.
Launched in 2016, PiggyVest provides users with the ability to store funds in savings accounts on its platform and earn interest on their deposits.
For 3 years, the startup offered only savings to its users. In April 2019, it rebranded to “PiggyVest” and began offering direct investment opportunities to users in addition to savings.
PiggyVest is on a mission ‘to give everyone the power to better manage & grow their finances’, and we intend to be the best at this.
