By Ruth Akinwunmi-King, Lagos
EMFATO Holdings (owners of Farmcrowdy and investors in Plentywaka) have on Wednesday, 3 March, 2021 announced the exit of one of its portfolio companies – Crowdyvest, following up on new investments into the startup to grow as a digital savings company in Nigeria
Launched just over a year ago, Crowdyvest has over 10,000 members who have used opportunities on its platform to sponsor projects in Agriculture, Real Estate, Transportation, Health and Education sectors.
The company was previously led by its Co-founder & CEO, Onyeka Akumah but today, along with the new investment, there is change in its management with Tope Omotolani becoming its new CEO.
Onyeka Akumah also explained that the change in leadership will not affect the management and staff of Crowdyvest as they will all be retained but there will be a new way Crowdyvest will operate. The one-year old startup will set its sights on becoming a leading digital wealth and savings management company focused on a closed-community savings model under Tope Omotolani’s leadership.
According to Onyeka Akumah, “I have taken this decision to move on as the CEO of Crowdyvest as a result of the new investment in the company which provides opportunities for proper scale in the coming months. Today, Crowdyvest will also exit fully from EMFATO Holdings and we are very happy about the new investors and to see how Tope will lead this business to new heights. Now, I can focus my energy on leading Farmcrowdy and Plentywaka as CEO of both companies into new markets in 2021. Tope is a strong and amazing leader and I see her leading Crowdyvest to become one of the go-to wealth management and digital savings companies in Nigeria within the next 3-5 years with her team. I wish her all the best and will continue to advise them on their journey when needed’’.
With this change, Crowdyvest will no longer be an open crowdfunding platform. An all new Crowdyvest led by Temitope Omotolani will enter the Fintech industry fully with the launch of the Crowdyvest Savings Platform which gives savings options to over 10,000 subscribed users. This savings platform will give its users a variety of plans to help build a savings culture based entirely on their pace, so they can reach their life goals faster. Tope Omotolani will now lead the fintech company, Crowdyvest to become a leading savings platform in Nigeria.
Farmcrowdy has in the past worked with Crowdyvest to crowdfund for farming projects. Following this change, Farmcrowdy now fully exits the crowdfunding space with this sale and Crowdyvest will begin to operate a closed-community model for savings.
This new savings platform has been introduced with three new products. These platforms have been properly tailored fit all categories of individuals, including the Millenials, Gen Z, Gen X, and Baby Boomers, and each of these products have their unique features and benefits. They are; Flex Savings, Vault Savings, and Pace Savings.
Every saver enjoys the benefits of high-interest rates from 12.5% to 15%, zero bank charges, plans tailored for everyone, and effective and prompt customer service. For more information, visit the Crowdyvest website.