Risevest secures SEC licence in major regulatory turnaround

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

The new licence, obtained through its subsidiary, RV Fund Management Limited, brings Risevest’s operations under the capital market’s regulatory framework, closing a chapter that raised questions about its operations.

“This approval reflects months of rigorous review and engagement,” 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 SEC regulator publicly warned Nigerians against investing through the platform, citing a lack of a required licence to operate within Nigeria’s capital market.

At the time, 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.

The company now joins a growing list of other SEC-licenced fintechs operating in Nigeria, including Bamboo and Trove, which acquired a broker-dealer to secure an SEC licence. “It has always been our goal to operate at the highest level of global compliance,” Urum noted.

Risevest’s licence comes amid growing retail participation in Nigeria’s capital market. In July 2025, trades from Nigerian retail investors increased by 88.07% month-on-month to ₦516.50 billion ($384 million). The licence positions the company to legally capture a part of this rising demand.

Founded in 2019 by Eke Urum, Bosun Olanrewaju, and 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.