This Nigerian Fintech Startup ‘Trove’ Wants to Help You Invest in Your Desired Company
Investing in stocks has proven to be one of the most profitable ways to build wealth. Some of the wealthiest people in the world own large quantities of stocks in both the private and public sector. And with many Nigerian companies – MTN, Airtel, Jumia, Interswitch – becoming listed or planning to list on the stock exchange (international and local), the opportunities are more and lucrative.
But as attractive as it looks, there’s a problem. Most of these investment opportunities are for elite citizens and the average person may find it impossible to partake, thanks to the heavy charges.
For example the Airtel Nigeria listing was made exclusive to high net worth investors.
Asides exclusivity, the hectic process of getting it done is discouraging – from the walk-ins to the disconcerting paperwork. Lack of knowledge about how it’s done pushes Nigerians to seek help from stockbrokers. A service for which they end up paying huge charges.
In comes Trove, a Nigerian fintech startup that wants to help with this.
Founded in 2018 by Austin Akagu, Desayo Ajisegiri and Oluwatomi Solanke, Trove provides a micro-investing platform for users to access financial securities in Nigeria – government bonds, mutual funds and publicly traded stocks.
With as low as ₦1,000, Trove allows potential investors buy stocks and bonds using their debit cards or bank transfer. All they need to do it download the app (which is available on Google Playstore and Apple Store), sign up using their details, upload necessary documents, fund their Trove wallets and begin trading.
Thinking about buying into bigger markets like the New York Stock Exchange (NYSE), and London Stock Exchange (LSE) where access is limited for Nigerians? Trove allows its users to invest in international markets, US exchange-traded funds and stocks of US companies. You can own a piece in major companies abroad and participate in the global economy.
Users can also sell their assets using the platform and have the proceeds deposited into their account while the startup generates its revenue from commission on trades.
In about a year of existence, the startup has received massive traction with over 1000 downloads of its app on Playstore. The startup has also raised about N3 million from ARM Labs and Ventures Platform. With this fund, it plans to scale its operations.
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