Sycamore, a Nigerian digital lender managing ₦10 billion in assets, has secured a fund manager license from the Securities and Exchange Commission (SEC).
The company plans to provide diversified portfolios across stocks, bonds, and money-market instruments, available in local and foreign currencies. The expansion is driven by growing customer demand, particularly from its 300,000 users. This includes freelancers and SMEs, seeking easier access to investment opportunities.
“Securing our SEC license is the culmination of years of building institutional-grade compliance systems,” said Babatunde Akin-Moses, CEO of Sycamore. “We’re not pivoting from lending; this is a strategic expansion that complements our core business.”
Nigeria’s investment space is currently led by legacy firms like ARM, Stanbic IBTC, and FBNQuest, alongside fintech challengers like Bamboo and Rise. However, these platforms primarily serve either high-net-worth individuals or tech-savvy investors. Sycamore aims to bridge the gap by catering to everyday Nigerians, freelancers, and small businesses.
To lead its new division, Sycamore Investment and Asset Management Limited (SIAML), the company has appointed Oluwagbenga Magbagbeola, the former Managing Director of ARM Securities. Magbagbeola, who brings 17 years of experience in capital markets, previously worked at FBNQuest Securities and Profund Securities.
Sycamore is also launching an upgraded mobile app featuring:
- Real-time investment analytics
- AI-powered portfolio management
- A multi-currency wallet for USD, EUR, GBP, and NGN investments.
The company plans to expand into alternative investments, including Real Estate Investment Trusts (REITs) and a USD-denominated investment product. Sycamore expects asset management to become a key revenue driver, generating income through management fees and performance-based incentives.
“Traditional asset management has remained out of reach for many Nigerians. Our goal is to change that,” said Onyinye Okonji, Sycamore’s Co-founder and CCO.
While Sycamore has not disclosed specific financial projections, it plans to raise additional capital in late 2025 or early 2026 to expand its asset management services across Africa.
By combining lending with investment and wealth-building solutions, Sycamore is positioning itself as a one-stop financial platform for Nigerians looking to borrow, invest, and grow their wealth.
