Nigerian Fintech Startup PennyTree Acquires Crowfunding License From SEC
PennyTree, a Nigerian financial technology (Fintech) firm, has secured a crowdfunding license from the Securities and Exchange Commission (SEC) of Nigeria, solidifying its position as a pivotal player in the Nigerian Fintech landscape.
Abayomi Ogunjobi, Co-Founder & Director at PennyTree, emphasized that the new license represents a significant milestone in PennyTree’s mission to transform access to capital and financial services for individuals and businesses throughout Nigeria.
The attainment of the Crowdfunding License reaffirms PennyTree’s dedication to fostering a transparent and inclusive funding ecosystem, thereby supporting and empowering entrepreneurs and projects across the nation.
With the SEC Crowdfunding License, PennyTree will now have the regulatory framework and authority to operate a crowdfunding platform that connects investors with businesses and startups seeking capital.
This innovative platform will enable entrepreneurs to access a broader pool of potential investors and make it easier for investors to diversify their portfolios by participating in promising ventures.
Speaking on the license obtained, Co-Founder & Director at PennyTree, Abayomi Ogunjobi said,
“We are thrilled to have received this Crowdfunding License from the SEC. This milestone represents a significant step towards our vision of democratizing access to finance in Nigeria. With this licence, PennyTree can now create a secure and compliant platform that will make it easier for our Merchants and entrepreneurs to secure the funding they need to grow their businesses, while also providing investment opportunities for individuals.”
The Crowdfunding License from the SEC recognizes PennyTree’s commitment to meeting regulatory standards and ensuring the security of its crowdfunding platform.
