Risevest Gets SEC Licence to Legally Operate in Nigeria’s Capital Market

By Adedapo Adesanya

A Nigerian fintech that allows users to invest in US Dollar-denominated assets, Risevest, has secured a Fund and Portfolio Manager licence from the Securities and Exchange Commission (SEC).

The new licence, obtained through its subsidiary, RV Fund Management Limited, brings Risevest’s operations under the capital market’s regulatory framework, enabling it to operate independently and legally in the country.

“This approval reflects months of rigorous review and engagement,” Mr Eke Urum, Risevest’s co-founder, wrote in a message to users on Wednesday. “We’re grateful to the Securities and Exchange Commission for the critical work they do in safeguarding Nigeria’s financial system and maintaining standards that protect investors. Strong regulation builds strong markets and strong markets build lasting wealth.”

This marks a pivotal regulatory win for Risevest, which in January 2025 came under pressure after the regulator publicly warned Nigerians against investing through the platform, citing a lack of a required licence to operate within Nigeria’s capital market.

In a response, Risevest said its Nigerian investment activities were safeguarded through a trusteeship arrangement with Meristem Trustees Limited, an SEC-licensed trustee.

Risevest’s Nigerian operations were previously structured through partnerships and regulatory cover, most notably its September 2023 acquisition of Chaka, an SEC-licensed digital trading startup. The deal allowed Risevest to leverage Chaka’s licence to provide Nigerian users with access to global securities.

With this, Risevest joins other regulated fintech including Bamboo and Trove, with a proper broker-dealer licence.

“It has always been our goal to operate at the highest level of global compliance,” Mr Urum noted.

The licence positions the company to legally capture a part ofthe rising interest in Nigeria’s capital market, with a young, booming population seeking profitable investment and avoiding Ponzi schemes.

Founded in 2019 by Mr Urum, Mr Bosun Olanrewaju, and Mr Tony Odiba, Risevest curates and presents portfolios in US stocks and global fixed-income assets, and allows users to choose how much they want to invest.

In 2024, the company acquired Hisa, a Kenyan investment startup, marking its entry into the East African country.