Sycamore Expands Into Wealth Management With SEC Fund Manager License

Nigerian digital lender Sycamore is set to redefine investment access after securing a fund manager license from the Securities and Exchange Commission (SEC). With ₦10 billion in assets under management, the company is leveraging its regulatory approval to diversify into wealth management, catering to Nigeria’s growing base of retail and institutional investors.

Moving beyond its core lending business, Sycamore will now offer investment portfolios spanning stocks, bonds, and money-market instruments across multiple currencies. This expansion aligns with the evolving needs of its 300,000-strong user base, which includes freelancers and SMEs actively seeking accessible investment opportunities.

“This milestone reflects years of building a strong compliance framework,” said CEO Babatunde Akin-Moses. “Rather than a pivot, this is a strategic evolution that enhances our existing offerings.” To lead its new investment arm, Sycamore Investment and Asset Management Limited (SIAML), the company has appointed seasoned capital markets expert Oluwagbenga Magbagbeola, formerly the Managing Director of ARM Securities.

In the coming months, Sycamore will introduce an upgraded mobile app featuring real-time investment analytics, AI-powered portfolio management, and a multi-currency wallet supporting NGN, USD, EUR, and GBP transactions. The company aims to bridge the accessibility gap in Nigeria’s wealth management sector, joining fintech players like Bamboo and Rise in democratizing investment opportunities.

“Traditional asset management has been exclusive for too long,” said Onyinye Okonji, Sycamore’s co-founder and CCO. “We’re bringing sophisticated investment tools to everyday Nigerians.”

The firm sees asset management as a key revenue driver through management fees and performance-based earnings. While specific growth targets remain undisclosed, Sycamore plans to raise additional capital by late 2025 or early 2026 to fuel its expansion across Africa.

Looking ahead, the company is preparing to introduce alternative investment options, including Real Estate Investment Trusts (REITs) and USD-denominated products, positioning itself as a strong competitor in Nigeria’s fast-growing digital investment space.