Asset & Resource Management Holding Company Limited (ARM) is making an equity (investment) in Trove Technologies Ltd (Trove) – a micro-investing application that allows users to invest in financial securities in Nigeria and international markets.
This move is in line with the company’s dedication to leverage technology as a means to change how clients access and consume financial services.
In May 2019, ARM partnered with Ventures Platform to launch Labs by ARM which focused on supporting startups utilizing technology, applications, and services to solve specific problems. Trove emerged as one of the six participants in the program.
ARM will utilize the Trove application to offer her clients the opportunity of trading in Government Bonds, Stocks, US Exchange Traded Funds and Stocks of US companies. With the NYSE and NASDAQ having a market cap of $30.2 Trillion and $10.1 trillion respectively, making them the most valuable markets which have also consistently outperformed every other market, Nigerians through the use of Trove can have access to these markets.
ARM clients with the ARM Stocktrade App are able to seamlessly participate in the global economy and own shares in valuable companies such as Facebook, Lyft, Pinterest and Zoom to name a few without the need to reside in the US or have social security numbers.
The team behind Trove are repeat founders and finance professionals with experience working in companies in the financial sector such as Goldman Sachs and UBS Investment Bank. They are optimistic that Trove will address the existing bottlenecks in the Nigerian investment space such as lack of access to mature markets while giving Nigerians the chance to take control of their savings and investments.
Speaking about the partnership, Managing Director of ARM Financial Advisers Limited Mrs. Henrietta Bankole-Olusina said “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 realized ambitions.”
NEW REPORT: Nigerian startups raised $28.35m in Q2 2020; only about 4.5% of that came from local investors. Find out more in the full report.
Introducing the Built in Africa podcast, which spotlights African startups, innovators and everything that makes them tick. Listen and subscribe here.
Techpoint Build 2020 is holding virtually in August. Register free now to attend.