Less than a year after raising an undisclosed amount of funding from Nigeria-based Ventures Platform, Trove has bagged yet another investment in what appears to be the first announced funding round of 2020.
This time around, the Nigerian micro-investing fintech startup has secured an undisclosed amount of equity funding from Nigerian asset management firm, ARM, which recently kicked off its Labs by ARM program in partnership with Trove’s earlier investors, Ventures Platform.
It is understood that the latest capital injection is geared towards helping the startup deliver to access to global investment opportunities.
Trove has created an app-based product that allows Nigerians to invest in publicly traded equities, bonds and stocks in both Nigeria and international markets like the U.S., through the use of debit cards and bank transfers.
Trove, which was co-founded in July 2018 by the trio of Austin Akagu, Desayo Ajisegiri, and Oluwatomi Solanke, records this round as its second announced raise.
The startup’s investment platform was built to make it much easier for Nigerians — and eventually all Africans — to access securities and make investments. Trove enables users to buy shares in international companies and, thus, grab their slice of the global economy.
By virtue of the development, ARM will now utilise the Trove application to offer its clients the opportunity of trading in government bonds, stocks, US Exchange-traded funds, US stocks.
Also, ARM Stocktrade App users now have the power to seamlessly profit off of the global economy by owning shares in big tech companies such as Facebook, Lyft, Pinterest and Zoom without the need to reside in the US or have social security numbers.
“We believe that this is a wonderful opportunity to enlarge the investment playing field for our valuable clients enabling them to trade in diverse stocks and accumulate wealth globally from the comfort of their homes. It is also our hope that this partnership will encourage more millennials to explore the world of investing in order to build a future of realised ambitions,” said ARM Financial Advisers managing director Henrietta Bankole-Olusina.