Nigeria Business & Finance Updates

ARM invests in Trove for global opportunities

Asset & Resource Management Holding Company Limited says it is investing in Trove Technologies Limited to deliver access to global investment opportunities.

A statement said ARM was making an equity (investment) in Trove, a micro-investing application that allowed users to invest in financial securities in Nigeria and international markets.

This move was in line with the company’s dedication to leverage technology as a means to change how clients access and consume financial services, it stated.

The statement recalled that in May 2019, ARM had partnered Ventures Platform to launch Labs by ARM which focused on supporting start-ups utilising technology, applications, and services to solve specific problems.

Trove emerged as one of the six participants in the programmes.

It stated, “ARM will utilise the Trove application to offer its 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 $30.2tn and $10.1tn 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 were 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, it added.

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.

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They are optimistic that Trove would 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, the Managing Director, 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 realised ambitions.”

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