Nigerian fintech startup Trove Finance has acquired UCML Securities Limited, a move that turns the investment platform into a SEC-licensed broker.
The acquisition was announced by Trove in a statement, where the company described the deal as a major milestone in its growth journey.
Following the transaction, UCML Securities has been rebranded as Innova Securities Limited, which will now operate as Trove’s Nigerian SEC-licensed broker-dealer, although the value of the deal was not disclosed.
Founded in 2018, Trove Finance initially built its investment platform by partnering with third-party broker-dealers to provide Nigerian investors access to local and international equities.
While that approach enabled the company to scale quickly and remain compliant, Trove said its expanding user base and growing product suite made deeper ownership of the brokerage stack increasingly necessary.
What they are saying
Trove said the acquisition would allow it to take direct responsibility for key aspects of its brokerage operations and accelerate innovation across its platform.
“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,” he added.
The company said the transaction marks a strategic shift from reliance on external partners to a more vertically integrated operating model.
Flashback
Trove is among Africa’s earliest digital wealth management startups, positioning itself early as a gateway for Nigerians seeking exposure to United States and global capital markets.
- The company says it has facilitated more than N500 billion in trades since launch and has been downloaded over 400,000 times, reflecting growing retail investor interest in foreign and domestic equities.
- Over the years, Trove has expanded beyond its initial offerings, prompting the need for tighter operational and regulatory control as transaction volumes increased.
More Insights
By acquiring UCML Securities, Trove gains greater oversight of service quality, settlement timelines, and regulatory processes—factors that directly affect user trust and platform reliability.
- Some UCML staff, particularly within compliance and operations, have transitioned to the newly rebranded Innova Securities.
- The move is expected to ensure continuity of regulatory expertise while supporting a smoother operational transition.
- Existing user accounts opened under Trove’s previous brokerage partners will remain active during the transition period.
- Trove said user accounts will be migrated to Innova Securities over time, while new users will have their accounts managed directly by the newly licensed broker-dealer from the outset.
What you should know
The deal comes amid a broader wave of consolidation within Nigeria’s fintech ecosystem, as startups increasingly seek to own critical infrastructure and expand beyond their original niches.
This year alone, Flutterwave acquired Mono to strengthen its data and identity capabilities, while Paystack completed the acquisition of a microfinance bank as it pushes deeper into financial services.
Trove’s acquisition of a licensed broker-dealer follows a similar pattern, reflecting a growing emphasis on vertical integration as fintech companies mature and face tighter regulatory scrutiny.
