Trove Finance Acquires UCML Securities, Gains SEC Licensing in Nigeria
Nigerian fintech startup Trove Finance has acquired UCML Securities Limited, a move that positions the investment platform as a fully SEC-licensed broker-dealer in Nigeria.
The acquisition, announced by Trove in an official statement, represents a significant milestone in the company’s growth and operational strategy.
UCML Securities Rebrands as Innova Securities
Following the transaction, UCML Securities has been rebranded as Innova Securities Limited. The new entity will now serve as Trove’s Nigerian SEC-licensed broker-dealer, although the financial terms of the deal were not disclosed.
Founded in 2018, Trove Finance initially relied on partnerships with third-party broker-dealers to give Nigerian investors access to both local and international equities. While this model allowed for rapid scaling and regulatory compliance, Trove noted that its growing user base and expanding product offerings made direct ownership of brokerage operations increasingly necessary.
Trove’s Strategic Shift Toward Vertical Integration
According to Trove, acquiring Innova Securities allows the company to take direct responsibility for trade execution, compliance, and governance, while accelerating platform innovation.
“As our users’ needs grew, we wanted to enhance the experience, innovate faster, and take direct responsibility for trade execution, compliance, and governance,” said Trove CEO Oluwatomi Solanke.
“Owning Innova Securities Ltd, a fully SEC-licensed broker-dealer with decades of regulatory experience, allows Trove to do that.”
The acquisition signals a strategic shift from reliance on external partners to a more vertically integrated operating model, giving Trove greater control over its brokerage stack.
Trove’s Position in Africa’s Digital Wealth Market
Trove is among Africa’s earliest digital wealth management startups, serving as a gateway for Nigerian investors seeking exposure to US and global capital markets.
Since its launch, Trove has reportedly facilitated over ₦500 billion in trades and achieved more than 400,000 app downloads, highlighting strong retail investor interest in both domestic and international equities.
The fintech has also expanded its offerings over the years, prompting the need for tighter operational and regulatory control as transaction volumes increase. Owning a SEC-licensed brokerage positions Trove to innovate faster, streamline operations, and enhance investor trust.
What This Means for Investors
With Innova Securities under its ownership, Trove can now:
- Execute trades directly, reducing dependency on third-party brokers
- Ensure regulatory compliance and improved governance
- Accelerate the rollout of new investment products and services
The acquisition underscores Trove’s ambition to strengthen its market leadership and deliver a more seamless investment experience for Nigerians and West African investors.
