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Cofounded by Austin Akagu, Desayo Ajisegiri, and Oluwatomi solanke, Trove Finance’s app enables African-based financial institutions and individuals to buy, sell, and trade any publicly traded equity, bond, or exchange-traded fund across US, Chinese, Nigerian, or other global stock markets, with as little as 1,000 Naira. In a virtual launch held yesterday, 1st of March 2022, Trove finance unveiled its new app Trove 2.0 and its new website. The new application enables the startup to participate in a global market. It shows that the pioneer micro-investing platform in Sub-Saharan Africa (SSA) is not showing signs of relenting as it introduced an innovative suite of new products. This new suite of products includes Trading-as-a-Service, Peer-to-Peer Funds Transfer, Trove Card Services, Trove for Business, Trove University, Stock Gifting, & Price Movement Alerts. 1. Trove University: This is the education branch of Trove Finance. The goal of the service is to disseminate financial education/awareness to millions of Africans in the form of classes, cohort programs, bite-sized explainers, and talk shows. This on-demand product comes at no cost and is available to all Trove users across Africa. 2. Trove for Business: This new service guarantees that any business can now own other businesses. This business-to-business-facing product is targeted to enable corporates, small businesses, cooperatives, and Trusts to trade & own stocks and exchange-traded funds without any personal liabilities involved. 3. The new wallet system and debit cards: Trove has revised its wallet system to become “The Vault” to power more money operations for its users. Users can now use funds in their wallets to trade as well as get easy access to a debit card; virtual or physically powered by MasterCard, to use funds in their wallets to make purchases and withdrawals anywhere in the world. Users can also initiate bills payments for their daily needs like Netflix, Apple Music, Amazon purchases, and social media ads payments (for small business owners).
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4. Peer-to-Peer Funds Transfer & Stocks Gifting: With the new app, users can now send up to $5,000 to other Trove users at no cost. They also can gift stocks with a maximum value of $5,000 to users and non-users of Trove. 5. Trove’s Trading-as-a-service: Trading-as-a-Service (TaaS) allows banks, asset managers, and fintech to seamlessly integrate the trading of American, Chinese, and Nigerian stocks and ETFs through a proprietary easy-to-use application programming interface. Trove’s TaaS hosts the full capabilities of a fully functioning trading app from onboarding, compliance, original research, education, to other wealth management tools. This means anyone can launch a trading app with very few lines of code, courtesy of Trove. 6. proprietary price movement alerts system: Users can be tipped off when there is a major real-time change in the prices of stocks in the user’s portfolio and watchlist. This is pertinent as the startup doubled the number of stocks available to users in the new release. In a statement by Desayo Ajisegiri (co-founder),
“making Trove 2.0 possible required us to stretch their team. The goal was to use the guiding principle to bring more possibilities to our users and break new ground. Underserved customer segments, traditional financial institutions, and fintech can now expand their service offerings with our Trading-as-a-Service APIs. With the new suite of offerings, Corporate entities can now have access to intelligent trading offerings. We believe every entity – personal or corporate, regardless of size deserves to be a part of Trove’s world of possibilities. And we are glad to have achieved exactly that.”He also stated that “Trove finance is the answer to Africa’s access to global investment opportunities.” The chief executive officer of Trove Oluwatomi Solanke, CEO, hinted that this upgrade is only a step in the long evolutionary process for Trove. Between this launch and its next announcement, the ambitious CEO stated that his team’s focus is “proliferating access to global investment opportunities to all of Africa, one country at a time”.
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