Risevest, a Nigerian fintech that enables users to invest in United States dollar denominated assets, has secured a Fund and Portfolio Manager licence from the Securities and Exchange Commission, bringing its operations fully under the country’s capital market regulatory framework. The approval was obtained through its subsidiary, RV Fund Management Limited, effectively resolving earlier concerns about the company’s licensing status.
Announcing the development, Risevest co founder Eke Urum said the approval followed months of regulatory review and engagement. He expressed appreciation to the Commission for its role in safeguarding Nigeria’s financial system and maintaining investor protection standards, noting that strong regulation underpins resilient markets and sustainable wealth creation. The licence represents a significant regulatory milestone for the five year old investment platform.
The development comes months after the Commission publicly cautioned Nigerians in January 2025 against investing through Risevest, citing the absence of a required capital market licence. At the time, the company maintained that its Nigerian investment activities were protected through a trusteeship arrangement with Meristem Trustees Limited, an SEC licensed trustee, while it worked to regularise its position within the regulatory framework.
Prior to securing the licence, Risevest had structured its Nigerian operations through partnerships and regulatory cover. A notable move was its September 2023 acquisition of Chaka, an SEC licensed digital trading startup, which enabled it to leverage Chaka’s regulatory status to offer Nigerian investors access to global securities. The new licence now places Risevest alongside other SEC licensed fintech platforms such as Bamboo and Trove, which recently strengthened its regulatory footing through the acquisition of a licensed broker dealer.
The approval comes amid rising retail participation in Nigeria’s capital market. In July 2025, retail investor trades surged by 88.07 per cent month on month to ₦516.50 billion, reflecting growing appetite for structured investment products. Founded in 2019 by Eke Urum, Bosun Olanrewaju and Tony Odiba, Risevest curates portfolios in United States stocks and global fixed income assets, allowing users to invest according to their preferred amounts. The company expanded regionally in 2024 with the acquisition of Hisa, a Kenyan investment startup, marking its entry into East Africa and positioning it for broader continental growth.