Nigerian micro-investing fintech startup Trove has secured an undisclosed amount of funding from asset management firm, ARM.
This is the first announced funding round of 2020 Trove will use this new funding to deliver access to global investment opportunities.
Co-founded in July 2018 by the trio of Austin Akagu, Desayo Ajisegiri, and Oluwatomi Solanke, Trove has built a micro-investing app that allows Nigerians to invest in financial securities such as stocks and government bonds in the country and in international markets such as the United States (US).
“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.
Just recently, ARM entered into a new partnership with Ventures Platform, Trove’s earlier investors to launch a programme focused on supporting technology startups. Trove was one of the startups that took part in this programme.
With this new 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. Users of the ARM Stocktrade App will also now be able to seamlessly participate in the global economy and own shares in companies such as Facebook, Lyft, Pinterest and Zoom without the need to reside in the US or have social security numbers.