Startup News: Why PiggyBank,Paylater, Taxify, others change names

Startup News: Why PiggyBank,Paylater, Taxify, others change names

By Niyi Tabiti: This year seems to be year when most startups will change name, re-brand with more products. It started already with Piggybank leading the way. The online saving platform is now known as The Nigerian startup as Piggyvest. Taxify has also announced that it has now transformed to BOLT. The new name will now reflects on it App and millions of it customers worldwide will need need to get use to the new name.

Piggyinvest (PiggyBank) remains one of the fastest growing Fintech company in Nigeria. The startup, co-founded by some young graduates of Covenant University started operations in 2016. In 2018, the company raised $1.1 Million seed funding  throght venture capitalist firms such as Olumide Soyombo’s lead Leathpath Nigeria, Village Capital and Venture platform.

Uche Okafor, Bolt’s regional manager for West Africa disclosed to techpoint that “While we’ve made progress on our mission, we’ve also started to outgrow parts of our brand, including the name. Given our ambition to solve transportation problems on an increasingly broader scale, we want the brand to reflect the company’s future rather than the past. Our new name ‘Bolt’ stands for fast, effortless movement – exactly what the experience of getting around in a city should be, be it by car, scooter or public transport. It also underscores our belief that the future of transportation will be electric”

Markus Villig
Markus Villig

Markus Villig from Estonia is the founder and CEO of Bolt (formerly Taxify). He teamed up with his brother Martin, ex-Skype, to build the first version of Bolt in 2013 when he was 19 years old. Markus has been featured as the youngest CEO in Forbes Europe 30 under 30 list and is the youngest founder of a billion dollar company in Europe.

Paylater Nigeria, the online loan company founded by the Dozie brothers is yet to announce the new name for their company.The name according to Gistmaster gathered is to due to other services they now offer. Aside giving online loans, they now operate investment services and utility payment platforms.

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