Nigeria’s Piggybank.ng, an on-line and cellular app financial savings platform focused at African Millennials, has introduced that it has closed on 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 buyers Village Capital and Ventures Platform.
The firm will deploy the VC funding for license acquisition and product growth. Piggybank.ng has recorded 2035% m-o-m growth in person traction over the previous 12 months; primarily from peer-to-peer suggestions, its referral programPiggybank Stories, and grass-roots social media campaigns.
The startup will even spend money on further advertising spend, to speed up its growth trajectory. Having accomplished accelerator packages with Blackbox, the CcHub’s Pitch Drive, powered by Google for Entrepreneurs, and Google Launchpad Africa, Piggybank.ng has constructed a financial savings group of over 53,000 registered customers of which roughly 60 per cent are Nigerian Millennials, who've saved in extra of $5 million, with a financial savings growth of 3000 per cent between 2016-17.
Founded in 2016 by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, graduates of Covet University, Nigeria, Piggybank.ng is positioned to fill a void for tens of tens of millions of Nigerians, who haven't any entry to credit score, in a nation the place as much as two years’ hire is usually required upfront to safe a dwelling.
Targeting low-middle revenue savers in Nigeria, of which there are 26.5 million with a market measurement of $2.2 billion, the fintech start-up is an automated financial savings platform the place savers handle their funds by depositing small quantities of cash [starting from as little as USD$1/day] on an each day, weekly or month-to-month foundation, relying on their saving goal, freed from cost.
Savers can count on to earn on common six per cent each year on automated financial savings or 10.95 per cent each year on the fastened deposit product, Safelock and might withdraw funds as soon as per quarter. Piggybank.ng generates its revenues by asset administration, which presently stands at 5 – 7 per cent.