ARM Announces Investment in Trove Technologies

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Eromosele Abiodun

The Asset & Resource Management Holding Company Limited (ARM) has announced that it has made an equity (investment) in Trove Technologies Limited.

Trove Technologies is a micro-investing application that allows users to invest in financial securities in Nigeria and international markets.

ARM in a statement explained that the move was in line with its dedication to leverage technology as a means to change how clients access and consume financial services.

The company had in May 2019, partnered with Ventures Platform to launch, Labs by ARM, which is focused on supporting start-ups utilising technology, applications, and services to solve specific problems. Trove emerged as one of the six participants in the program.

“ARM will utilise the Trove application to offer her 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 $30.2 trillion and $10.1 trillion 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 are 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.

“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,” it explained.

Speaking about the partnership, Managing Director of 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.”