Nigerian fintech Trove Finance has acquired UCML Securities Limited, bringing its brokerage operations in-house as it deepens control over trade execution, compliance, and customer experience. The company has since rebranded the firm as Innova Securities Limited, which will now serve as Trove’s licensed broker-dealer. The value of the acquisition was not disclosed.
Founded in 2018, Trove Finance built its early offering by partnering with third-party broker-dealers to give Nigerian investors access to both local and international equities. While that model allowed the startup to remain compliant and scale quickly, Trove says its growing user base and expanding product suite made owning more of the brokerage stack a necessity.
“As our users’ needs grew, we wanted to enhance the experience, innovate faster, and take direct responsibility for trade execution, compliance, and governance,” CEO Oluwatomi Solanke told Techpoint Africa. “Owning Innova Securities Ltd, a fully SEC-licensed broker-dealer with decades of regulatory experience, allows Trove to do that.”
Trove is among Africa’s earliest digital wealth management startups, positioning itself early as a gateway for Nigerians seeking exposure to US and global markets. The company says it has facilitated more than ₦500 billion ($300+ million) in trades since launch and has been downloaded over 400,000 times.
By acquiring UCML Securities, Trove gains greater oversight of service quality, settlement timelines, and regulatory processes, all areas that can directly affect user trust and retention. Following the acquisition, some UCML staff, particularly within compliance and operations, have transitioned to the newly named Innova Securities, ensuring continuity and regulatory expertise.
Existing user accounts opened under previous brokerage partners will remain active, though Trove says they will be migrated to Innova Securities over time. New users, however, will have their accounts managed directly by Innova from the outset.
The deal comes amid a broader wave of consolidation in Nigeria’s fintech ecosystem, as startups look to own critical infrastructure and expand beyond their original niches. This year alone, Flutterwave acquired Mono to bolster its data and identity capabilities, while Paystack bought a microfinance bank as it pushes further into financial services.
