PiggyVest CEO Hints at Potential IPO in Coming Years

Ikenna ChurchillApril 5, 20241 Mins read960

PiggyVest, a leading Nigerian fintech firm, may be gearing up for a public offering in the near future, according to CEO Somtochukwu Ifueze.

Speaking at an event organised by fellow fintech company Kora, Ifueze expressed that an IPO is seen as a more viable option compared to a sale, although specific details regarding the IPO timeline are yet to be finalised.

Founded in 2016 by Ifueze and three other co-founders, PiggyVest set out to revolutionise savings habits among Nigeria’s youthful population. Since its inception, the company has experienced rapid growth, boasting nearly 5 million customers and disbursing over ₦1 trillion to its users.

Additionally, its parent company, Piggytech, acquired Abeg (now Pocket) in 2022, marking its foray into the social commerce sector, with Pocket now boasting over a million customers.

The prospect of PiggyVest going public aligns with a broader trend in the African startup ecosystem, where investors are increasingly seeking exits to validate the sector’s maturity. While PiggyVest is not alone in its IPO aspirations, with Flutterwave also eyeing a public offering, its relatively capital-efficient operations set it apart from many fintech peers.

While Ifueze provided limited details on the IPO venue, the Nigerian Stock Exchange has been advocating for local tech companies to list domestically. With local investors showing increased interest in the tech sector, an IPO by PiggyVest could have a significant impact, reinforcing the viability of startups and potentially spurring renewed interest in venture capital from local investors.

The story is still developing, but PiggyVest’s potential IPO marks a significant milestone in the Nigerian fintech landscape.

Read: LeBron James’ son, Bronny, declares for 2024 NBA draft