Odun Eweniyi is the co-founder and COO of PiggyVest, Nigeria’s leading savings and investment platform. She is also the founder of FirstCheck Africa, an early-stage venture fund dedicated to supporting female-led startups with pre-seed funding.
In this conversation with Founder Africa, she discusses the journey behind PiggyVest, the challenges startups face, and her commitment to empowering female entrepreneurs through business grants and funding opportunities.
Getting to Know Odun Eweniyi
Can you tell us about yourself?
I am Odunayo Eweniyi, the co-founder and COO of PiggyVest, a fintech company revolutionizing automated savings and micro-investments in Nigeria. Additionally, I co-founded FirstCheck Africa, a pre-seed fund that provides early-stage investment to startups led by female founders.
The Journey to Entrepreneurship
How did you get into entrepreneurship?
I started my entrepreneurial journey right after university. My first company was PushCV, a job-matching platform. Since then, I’ve been involved in multiple startups, including 500Dishes (a food delivery service), 99Staff (an outsourcing startup), and FirstCheck Africa. PiggyVest has been my most successful venture so far.
The Birth of PiggyVest
What inspired PiggyVest?
On December 31, 2015, a viral tweet showed a woman breaking open her wooden savings box after saving ₦1,000 daily for a year. My co-founder shared the tweet in our group chat, and we saw an opportunity to create a digital version of the traditional savings box. That’s how PiggyVest was born.
How did you come up with the name PiggyVest?
Originally, we named it PiggyBank.ng, a direct reference to ‘kolo’ (savings box in Yoruba). However, in 2019, we rebranded to PiggyVest to reflect our expansion beyond savings into investments.
Building and Scaling a Startup
What challenges have you faced as a startup founder?
The journey has been rewarding but filled with challenges like hiring the right people, fundraising, and regulatory hurdles. As we grow, our focus is on sustaining our value proposition, adapting to market needs, and making strategic decisions that attract investors and users alike.
What does it take for a startup to scale successfully?
It boils down to answering key questions:
- Is the idea viable?
- Is the product strong?
- Am I the right person to execute this?
- Can I sell this idea and make people pay for it?
If the answers are yes, then the startup has the foundation to scale.
Funding Female Entrepreneurs & Business Grants
What role does FirstCheck Africa play in supporting female founders?
FirstCheck Africa is committed to bridging the funding gap for women-led startups. We invest up to $25,000 in female-led ventures at the pre-seed stage, helping them grow and scale. Access to business grants and funding remains a significant challenge for women in tech, and we’re working to change that.
Reflections & Advice for Aspiring Entrepreneurs
What’s one thing you wish you knew earlier?
I embrace the learning curve. Every lesson along the way has shaped my journey, and I wouldn’t change any of it.
Who has been instrumental to your success?
My co-founders, Joshua and Somto, have been key partners in this journey. Our first investor, Olumide Shoyombo, also played a crucial role in believing in our vision early on.
Future Plans & Industry Outlook
What’s next for PiggyVest?
We aim to reach 10 million users. Currently, we have almost 4 million, and we’re focused on scaling up our impact.
How do you see Africa’s startup ecosystem evolving?
The ecosystem is young but growing steadily. There’s immense potential, and I believe we are making great progress.
What excites you most about the tech industry?
The energy and innovation. So many founders are tackling real problems, and it’s inspiring to witness the growth.
Personal Insights
What would people be surprised to learn about you?
Nothing! I put most aspects of my life out there.
How do you spend your time outside work?
Apart from running PiggyVest, I’m actively involved in FirstCheck Africa and the Feminist Coalition. When I’m not working, I enjoy relaxing with Netflix.
Top three tips for startups?
- Understand your market – Engage with potential users to validate your idea.
- Hire strategically – Identify the most crucial roles early on and build a strong team.
- Be adaptable – The startup journey is unpredictable. Be willing to pivot when necessary.
Final words of advice?
Be yourself. The world adjusts to authenticity.
