Trove Finance has acquired UCML Securities Limited, transforming itself into a SEC-licensed broker in Nigeria.
Following the acquisition, Trove rebranded UCML Securities as Innova Securities Limited, which now operates as its fully licensed broker-dealer.
Trove Becomes SEC-Licensed Broker
Although the company did not disclose the deal’s financial details, the move clearly signals Trove’s ambition.
Direct Control Over Brokerage
Founded in 2018, Trove initially partnered with third-party brokers to give Nigerian investors access to both local and international equities.
This strategy allowed rapid growth while staying compliant; however, as the platform expanded, Trove recognised the need to own its core brokerage operations.
By acquiring UCML, Trove now controls trade execution, compliance, and governance directly, enabling faster innovation and a smoother user experience.
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“As our users’ needs grew, we wanted to enhance the experience, innovate faster, and take direct responsibility for trade execution, compliance, and governance,” said Oluwatomi Solanke, Trove’s CEO.
“Owning Innova Securities Ltd, a fully SEC-licensed broker-dealer with decades of regulatory experience, allows Trove to do that.”
Moreover, the acquisition marks a shift from relying on external partners to a vertically integrated model, giving Trove greater oversight over service quality, settlement timelines, and regulatory processes.
To ensure continuity, some UCML staff, especially in compliance and operations, joined Innova Securities.
Expanding Market Influence
Since its launch, Trove has facilitated over ₦500 billion in trades and achieved more than 400,000 downloads, reflecting growing interest in both local and global markets.
Finally, the acquisition aligns with broader fintech consolidation in Nigeria, as startups increasingly seek ownership of critical infrastructure to strengthen reliability, trust, and regulatory compliance.
