The Nigeria-based wealth management app giant, PiggyVest announced that it has acquired a smaller competitor Savi.ng.
Until the acquisition, Savi.ng was a wealth management app launched in 2018 that allowed users to save via various features like automated savings, fixed deposits, joint savings and PAYE.
According to the company, discussions to buy Savi.ng which started earlier this year has now been completed. However, the cost of acquisition was not disclosed.
Under the deal, all existing Savi.ng users will be automatically migrated to Piggyvest. Savi.ng was founded in 2018 by VFD Microfinance and currently has ten thousand plus downloads on Google Playstore. PiggyVest’s android app on the other hand has got one million-plus downloads.
Speaking on the acquisition, PiggyVest says it is in line with its vision of providing financial freedom for all. “It’s more of a team acquisition,” PiggyVest co-founder, Joshua Chibueze, explained to TechCabal over a call.
The team behind Savi are reputed to have solid expertise in finance and are savvy with financial tools. This talent quality prompted PiggyVest’s move to acquire the wealth management startup.
“Fintech is two things. Fin and tech. We believe we are as good at tech and customer acquisition so we need as many financial players as possible to consolidate what we are trying to do,” Chibueze adds.
The acquisition consolidates PiggyVest’s growth and capacity to dominate Nigeria’s hotly competitive savings and investment space. Last year, it paid back NGN90 billion ($220 million) to users which currently numbers up to 3 million.
The move also signals a positive trend for Africa’s local startup ecosystem – that it is possible to build for the sole purpose of selling to a larger player in the same sector.
Earlier this year, Piggyvest partnered uduX to help Nigerians invest in their favorite musicians. This shows how broadly the company is looking to expand its investment opportunities.
PiggyVest revealed that there are more acquisition announcements to come in the year.
EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc
EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.
The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).
The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.
Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.
This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.
By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.
EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.
With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.
The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.
Universal Music Group (UMG) Acquires Majority Stake in Mavin Global, Pending Regulatory Approval
Universal Music Group (UMG), the global music powerhouse, has announced its acquisition of a majority stake in Mavin Global, one of Africa’s most prominent independent record labels.
The deal, disclosed in a statement by UMG on Monday, is currently awaiting regulatory approval but is expected to be finalized by the end of Q3 2024.
The acquisition marks a significant milestone for both UMG and Mavin Global, positioning them for further growth and expansion in the dynamic African music market.
Mavin Global, founded by Michael Collins Ajereh, popularly known as Don Jazzy, has been instrumental in shaping the landscape of Afrobeat music and promoting African talent on the global stage.
Under the terms of the agreement, Mavin Global will benefit from UMG’s extensive global network of labels and resources while retaining autonomy over its creative direction and talent development strategies.
Don Jazzy and Tega Oghenejobo, the Chief Operating Officer of Mavin Global, will continue to lead the company, ensuring continuity and innovation within the label.
The acquisition underscores UMG’s commitment to investing in diverse music markets and collaborating with visionary entrepreneurs like Don Jazzy to drive innovation and artistic excellence in the ever-evolving music industry landscape.
Capital One Financial Corp. to Acquire Discover Financial Services in $35 Billion Mega Deal
Capital One Financial Corp. has announced its intention to acquire Discover Financial Services in a $35 billion deal.
This strategic acquisition positions Capital One as the largest credit card company in the United States by loan volume, intensifying competition with Wall Street’s prominent players.
Under the terms of the agreement, Capital One will purchase Discover at a premium, offering 1.0192 of its own shares for each Discover share—a 26.6% premium based on the closing price on February 16th.
Pending regulatory and shareholder approvals from both entities, the deal is anticipated to conclude in late 2024 or early 2025.
The merger between Capital One and Discover represents the most significant global consolidation this year, surpassing notable acquisitions in various sectors.
By combining forces, Capital One and Discover unite two esteemed consumer-finance brands, effectively eclipsing competitors such as JPMorgan Chase & Co. and Citigroup Inc. in US credit-card loan volume.
This acquisition not only amplifies Capital One’s market share but also grants the company a formidable position within the payment networks sphere.
Capital One’s CEO, Richard Fairbank, described the merger as a “singular opportunity” to establish a robust presence alongside the largest payment networks, underscoring the transformative potential of the deal.
Upon completion, Capital One shareholders will possess approximately 60% ownership of the consolidated entity, with Discover shareholders owning the remaining stake.
The acquisition is expected to yield significant synergies, generating $2.7 billion in pretax benefits.
The strategic rationale behind the acquisition underscores the increasing importance of scale and technological capabilities in the financial sector.
By leveraging Discover’s extensive network and Capital One’s expertise, the combined entity aims to drive innovation and enhance value for customers in an ever-evolving market landscape.
Naira4 days ago
Black Market Dollar to Naira Exchange Rate Today, February 26th, 2024
Forex4 weeks ago
Dollar to Naira Black Market Exchange Rate February 1st, 2024
Forex4 weeks ago
Dollar to Naira Black Market Exchange Rate February 2nd, 2024
Banking Sector4 weeks ago
CBN Accuses Banks of Hoarding $5 Billion in Foreign Currencies
Naira4 weeks ago
Dollar to Naira Black Market Today, February 5th, 2024
Forex3 weeks ago
CBN Mandates Nigerian Banks to Pay International Transfers in Naira
Naira3 weeks ago
Dollar to Naira Black Market Today, February 6th, 2024
Naira3 weeks ago
Dollar to Naira Black Market Today, February 8th, 2024