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At a recent fintech event hosted by Kora; Somtochukwu Ifueze, CEO of PiggyVest, hinted that the Nigerian fintech might be planning to go public in the next few years!
Founded in 2016 by Ifueze and three other co-founders, PiggyVest has been revolutionizing digital saving for Nigeria’s youth. With almost 5 million customers and over ₦1 trillion paid out to users, their impact is undeniable.
But here’s the twist – rather than opting for a buyout, PiggyVest is eyeing an IPO (Initial Public Offering) as their preferred path forward.
In 2022, they made waves by acquiring Abeg, now called Pocket, expanding into social commerce and amassing over a million customers.
And they’re not alone in their IPO aspirations; Flutterwave has also been discussing it. However, while Flutterwave’s valuation is soaring, PiggyVest’s remains uncertain.
Despite raising less funding compared to other fintech giants in Nigeria, PiggyVest has managed their finances wisely. Their CMO highlighted how operating on a tight budget pushed them to make strategic decisions.
The Nigerian Stock Exchange appears to be a likely destination for their IPO. With local investors showing increasing interest in the tech sector, this move could be a game-changer for the Nigerian startup world.
