Nigerian fintech Trove Finance has announced the acquisition of UCML Securities Limited, a move that elevates the investment platform to a fully SEC-licensed broker-dealer in Nigeria.
The deal, confirmed in an official statement, marks a key milestone in Trove’s growth and reflects a strategic shift toward greater operational control.
UCML Securities Becomes Innova Securities
Following the acquisition, UCML Securities has been rebranded as Innova Securities Limited, now serving as Trove’s SEC-licensed brokerage arm. The financial details of the deal were not disclosed.
Founded in 2018, Trove initially relied on third-party broker-dealers to give Nigerian investors access to local and international equities. While this model supported rapid growth and compliance, the company said that its expanding user base and product offerings made full ownership of the brokerage function increasingly important.
Strategic Move Toward Vertical Integration
The acquisition allows Trove to take direct control of trade execution, compliance, and governance, while also accelerating innovation on its platform.
“As our users’ needs evolved, we wanted to enhance the experience, innovate faster, and manage trade execution, compliance, and governance directly,” said Trove CEO Oluwatomi Solanke.
“Owning Innova Securities, a fully SEC-licensed broker-dealer with decades of regulatory experience, enables us to do that.”
This represents a shift from relying on external partners to a more vertically integrated business model, giving Trove complete control over its brokerage operations.
Trove’s Role in Africa’s Digital Wealth Market
As one of Africa’s pioneering digital wealth management platforms, Trove offers Nigerian investors a gateway to US and global capital markets.
Since launching, the platform has facilitated over ₦500 billion in trades and achieved more than 400,000 downloads, demonstrating growing retail investor interest in both domestic and international equities.
The acquisition positions Trove to tighten regulatory oversight, scale operations, and continue expanding its offerings while maintaining investor confidence.
Benefits for Investors
With full ownership of Innova Securities, Trove can now:
- Conduct trades directly, reducing dependence on third-party brokers
- Ensure full regulatory compliance and governance
- Roll out new investment products and features more efficiently
The deal underscores Trove’s ambition to consolidate market leadership and provide a more seamless and innovative investment experience for Nigerian and West African investors.
