Nigerian FinTech Startup Piggybank.ng Secures USD 1.1M Seed Funding
Nigeria’s Piggybank.ng , an online and mobile app savings platform, announced that it has raised USD 1.1 M in Seed Funding from High Net Worth Individuals, led by Olumide Soyombo, Founder of LeadPath Nigeria, and with participation from International and Pan-African investors Village Capital and Ventures Platform, according to TechCrunch . The startup, Founded in 2016 by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze, graduates of Covenant University, Nigeria, Piggybank.ng is positioned to fill a void for tens of millions of Nigerians, who have no access to credit, in a country where up to two years’ rent is often required upfront to secure a home The scheme which targets low-middle income savers in Nigeria, of which there are 26.5M with a market size of $2.2Bn, the fintech start-up is an automated savings platform where savers manage their finances by depositing small amounts of money [starting from as little as USD$1/day] on a daily, weekly or monthly basis, depending on their s