Crowdyvesy Exits EMFATO Holdings

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EMFATO Holdings, owners of Farmcrowdy and investors in Plentywaka have announced the exit of Crowdyvest from the company.
This followed new investments into the startup.
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 latest change also saw its Co-founder & CEO, OnyekaAkumah relinquishing his position to Tope Omotolani as new CEO of Crowdyvest.
Explaining the rationale behind the strategic change in leadership, Akumah, said the change in leadership would not affect the management and staff of Crowdyvest as they would all be retained, noting that Crowdyvest would be operated in a new way.
He added: “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.”
According to the firm the one-year old startup would set its sights on becoming a leading digital wealth and savings management company focused on a closed-community savings model under Omotolani’s leadership.
Key significance of the announcement is that Crowdyvest will no longer be an open crowdfunding platform but will now enter the Fintech industry with the launch of the Savings Platform which gives savings options to over 10,000 subscribed users.