In a strategic move to consolidate its position in the African wealth management space, Trove Finance has officially acquired UCML Securities Limited. The acquisition represents a pivot from a partnership-heavy model to a vertically integrated brokerage, giving the fintech startup total control over its financial infrastructure.
Following the deal, Trove has rebranded the firm as Innova Securities Limited, which now serves as the company’s dedicated, fully licensed broker-dealer. While the financial terms of the acquisition remain undisclosed, the impact on Trove’s operational autonomy is significant.
Since its inception in 2018, Trove Finance has acted as a digital gateway, allowing Nigerians to invest in both local and international equities (such as US stocks).
- The Old Model: Trove relied on third-party broker-dealers to execute trades and maintain compliance. This allowed for rapid scaling but limited Trove’s control over the “backend” of the transaction.
- The New Model: By owning Innova Securities, Trove now manages the entire brokerage stack. This shift is intended to improve trade execution speeds, tighten compliance protocols, and enhance the overall user experience.
Oluwatomi Solanke, CEO of Trove Finance, stated:
As our users’ needs grew, we wanted to enhance the experience, innovate faster, and take direct responsibility for trade execution, compliance, and governance.
Scale and Market Impact
Trove stands as one of Africa’s pioneer digital wealth platforms. Its growth metrics underscore why this infrastructure shift was necessary:
- Trade Volume: Over ₦500 billion ($300+ million) facilitated since launch.
- User Base: More than 400,000 downloads.
- Continuity: To ensure a smooth transition, key staff from UCML, particularly in compliance and operations, have joined Innova Securities to bring decades of regulatory experience to the fintech’s ecosystem.
What This Means for Users
The transition to Innova Securities will be rolled out in phases to ensure zero service disruption:
| User Category | Impact of Acquisition |
| New Users | Accounts will be managed directly by Innova Securities from day one. |
| Existing Users | Accounts currently held under previous partners will remain active and will be migrated to Innova over time. |
| Service Quality | Users can expect faster settlement timelines and direct oversight of governance. |
Trove’s acquisition of a traditional brokerage firm reflects a maturing Nigerian fintech ecosystem. Startups are increasingly moving away from “renting” infrastructure and toward “owning” it to protect their margins and improve service reliability. Notable similar moves in 2026 include:
- Flutterwave: Acquired Mono to strengthen its data and identity verification capabilities.
- Paystack: Purchased a microfinance bank to broaden its suite of financial services.
By securing its own broker-dealer license through Innova Securities, Trove is no longer just a “wrapper” for existing financial services; it is now a foundational player in the Nigerian capital markets.
