Risevest Secures SEC Fund, Portfolio Manager Licence After Regulatory Warning

Risevest has secured a Fund and Portfolio Manager licence from the Securities and Exchange Commission, bringing its investment operations under direct regulatory approval in Nigeria.

The Nigerian fintech, which provides access to dollar-denominated assets, obtained the licence through its subsidiary, RV Fund Management Limited. With this approval, the company now operates fully within Nigeria’s capital market framework.

“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.”

The development follows a difficult period for the firm. In January 2025, the SEC warned Nigerians against investing through Risevest, saying the company did not hold the required licence to operate in the capital market. That warning triggered concerns among users and industry watchers.

At the time, Risevest said its Nigerian investment activities were protected through a trusteeship arrangement with Meristem Trustees Limited, an SEC-licensed trustee. It also relied on partnerships to provide services legally.

In September 2023, the company acquired Chaka, a licensed digital trading startup. That deal allowed Risevest to use Chaka’s regulatory status to offer Nigerians access to global securities.

However, the new SEC licence gives Risevest its own standing under Nigerian law, rather than operating through cover arrangements.

The Fund and Portfolio Manager licence is one of the strictest categories under SEC rules. Firms must show strong corporate governance, sufficient capital and effective compliance systems before approval.

The licence also comes after the Investments and Securities Act 2025, signed into law by President Bola Tinubu, which updated the country’s capital market laws and tightened oversight of investment service providers, including fintechs.

Risevest now joins other digital investment platforms that have secured regulatory backing. These include Bamboo and Trove, which earlier acquired an SEC-licensed broker-dealer as part of its compliance process.

The transition reveals a move towards formal regulation of fintech platforms that once operated in grey areas.

Retail participation in Nigeria’s capital market has also increased sharply. In July 2025, trades by retail investors rose by 88.07% month-on-month to ₦516.50 billion, equivalent to $384 million.

That growth reveals the growing demand for structured and regulated digital investment platforms.

Founded in 2019 by Eke Urum, Bosun Olanrewaju and Tony Odiba, Risevest builds curated portfolios of US stocks and global fixed-income assets. Users decide how much to invest, with returns tied to foreign markets.

In 2024, the company expanded beyond Nigeria by acquiring Hisa, a Kenyan investment startup, marking its entry into East Africa.

With the new licence in place, Risevest can now manage funds directly under Nigeria’s capital market law, ending months of suspense over its regulatory position.

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