Trove

Trove Finance operates as a micro-investment platform designed to democratize access to global financial markets for individuals in Africa, particularly Nigeria. The company was co-founded in 2018 by Oluwatomi Solanke, Austin Akagu, Desayo Ajisegiri, and Opeyemi Olanipekun. The founding was driven by personal frustrations; Solanke was unable to purchase U.S. stocks from Nigeria, and Akagu faced similar hurdles trying to help his mother buy Nigerian bonds, highlighting a clear market gap.

The founding team brings a diverse range of experience to the venture. CEO Oluwatomi Solanke is a serial entrepreneur with a background in chemical engineering from the University of Lagos and experience at the Harvard Innovation Labs. COO Desayo Ajisegiri spent eight years on Wall Street and is a graduate of Howard University with Summa Cum Laude honors. CPO Austin Akagu is a finance professional with a background in financial reporting and analysis, while CTO Opeyemi Olanipekun has over a decade of software engineering experience.

The platform allows users to invest in a wide array of financial instruments, including U.S., Nigerian, and Chinese stocks, as well as government bonds, and Exchange Traded Funds (ETFs). Trove addresses the high barrier to entry for investing by enabling fractional investing, allowing users to start with as little as ₦1,000 for local assets or $10 for foreign stocks. This model targets retail investors and those new to investing, aiming to foster financial inclusion. The company generates revenue through a subscription-based model for its advisory account, which offers automated investment advice and research, and may include transaction fees in certain markets.

Trove's product suite has expanded significantly since its launch. In March 2022, the company unveiled Trove 2.0, which introduced a Trading-as-a-Service (TaaS) API for banks and other fintechs to integrate trading functionalities. Other features include peer-to-peer fund transfers, stock gifting, a wallet system called "The Vault" with MasterCard-powered debit cards for global payments, real-time price alerts, and an educational platform named Trove University. The platform also offers "Trove for Business," enabling corporate entities to invest in stocks. Security is a key aspect, with U.S. brokerage accounts being SIPC insured up to $500,000 and Nigerian brokers licensed by the SEC.

Keywords: micro-investing, fractional shares, stock investment, financial inclusion, wealth management, fintech Africa, Nigerian stocks, US stocks, investment platform, retail investing, wealthtech, API, Trading-as-a-Service, ETF investing, digital brokerage, investment app, financial literacy, democratize finance, emerging markets, asset management