Trove Finance Secures Undisclosed Funding From Ventures Platform

Nigeria Fintech startup, Trove Finance has secured undisclosed funding from Ventures Platform, an early-stage fund. Trove Finance allows Nigerians to invest in any publicly traded equity, bond or cryptocurrency asset (bitcoin, ethereum) as a one-off investment using a debit card or bank transfer. The announcement of the funding was made in a medium post by Kayode Oyewole of Ventures Platform. According to the early-stage investor, it is currently difficult for Nigerians to invest in internationally listed companies like Lyft, Zoom, Pinterest and Facebook among others. He wrote: “The current process for trading stocks and government bonds in Nigeria is fundamentally broken. Other than hefty charges, the account opening processes mostly require several physical walk-ins and tons of unnecessary paperwork. The alternative; engage brokers who serve as middle-men and charge exorbitant fees. “These bottlenecks, coupled with the lack of access to more mature markets like the NYSE limit participation in financial markets. One of the most common questions in investment groups from members is “How do I buy shares of Dropbox or Lyft or Facebook? “Trove gives Nigerians (and soon Africans) access to these markets. With Lyft, Pinterest, Zoom, Jumia and a host of other unicorns still going public this year, Nigerians can now seamlessly participate in the global economy and own a piece of some of these extremely valuable companies without having to be residents of the US or having a social security number. ” Trove Finances joins an array of startups in the Ventures Platforms portfolio including Kangpe, Kudi.ai, Mobile Forms, PayConnect, Paystack, Proteach, Wesabi, Accounteer, Gerocare, ThriveAgric, Printivo,Wifi.com.ng, and, most recently, MDaaS.