Oluwatomi Solanke exemplifies the essence of a serial entrepreneur. Over the past decade, he has founded three companies, raising over $2 million to fund them. However, when labeled a “serial entrepreneur,” Solanke hesitates before acknowledging the title with a modest smile.
“People throw that term around too easily,” he says, “You just run some random things, and they call you a serial entrepreneur.”
The Early Hustle
Solanke’s entrepreneurial journey began as a first-year student at the University of Lagos, where he sold everything from derivatives and insurance to video games, always looking for a way to make money. “In secondary school, I was that guy who helped everyone buy anything they needed,” he recalls.
His first venture into tech came in 2014, when he founded DropBuddies, a peer-to-peer logistics startup. Initially known as CreditMe, the business allowed users to purchase airtime and pay utility bills, raising over ₦10 million in funding from notable investors like Don Jazzy and securing a spot in the Tony Elumelu Foundation Entrepreneurship Programme and CcHUB’s Growth Academy.
However, DropBuddies faced numerous challenges, including an unreliable addressing system and issues with delivery models. Despite purchasing delivery bikes and hiring drivers, the company struggled to find its footing and ultimately sold off more than half of its fleet.
Innovating for Good: WhoSpottedMe
In 2017, Solanke launched WhoSpottedMe, an initiative inspired by his experiences growing up with a father who was a doctor and spending a lot of time in hospitals. He noticed how difficult it was for medical professionals to identify accident victims, especially in times of insecurity.
The solution? A facial recognition system that allowed people to upload pictures of missing persons, which were matched against a crowdsourced database compiled from social media, newspapers, and other sources. But building and maintaining the database proved costly and unsustainable. After 18 months, Solanke and his team decided to move on, though they made some successful matches along the way.
Jukox: A Music Mediatech Venture
After leaving WhoSpottedMe, Solanke co-founded a web development company with his sister and another startup, Jukox, a mediatech venture designed to replace traditional music players with ad-supported widgets for blogs. This unique approach allowed brands like Zenith Bank and Konga to use audio ads, and blogs could earn revenue via automatic ad integration. Freeme Digital later acquired Jukox.
Building Trove Finance: Pioneering Investment Products in Nigeria
The idea for Trove Finance began when Solanke, as a student, was trading derivatives on behalf of classmates. After a bad trade wiped out 90% of his capital, he became more focused on experimenting with cryptocurrencies, aiming to create a trading app for Nigerians. However, the real seeds for Trove Finance were sown in 2017 when he encountered a significant issue: access to foreign stocks.
After trying—and failing—to buy U.S. stocks as a Nigerian, Solanke’s frustration grew. His friend, Austin Akagu, faced a similar issue with Nigerian bonds, and their shared challenge inspired the creation of Trove Finance.
Navigating Challenges and Gaining Momentum
When Trove Finance launched in 2018, it was an uphill battle. Convincing investors and users to embrace retail investment in Nigeria was no easy feat, and even ARM Labs, an early investor, was skeptical. Yet, the startup secured a ₦3 million grant and a $30,000 investment, which helped build credibility.
One of the biggest hurdles was partnering with foreign institutions like DriveWealth, a U.S.-based investment firm. Navigating this partnership was challenging due to differences in regulatory standards and database requirements, but it ultimately led to Trove Finance becoming DriveWealth’s first partner in West Africa. Together, they launched the first U.S. fractional investing product in Nigeria, long before competitors like Bamboo, Chaka, or Risevest emerged.
By the following year, Trove had gained 10,000 users. Fast forward to 2024, and the platform now serves over 500,000 users across Nigeria, Ghana, and Kenya, and achieved profitability for the first time.
A Social Impact-Driven Venture
For Solanke, social impact is a key factor in the longevity of Trove Finance. “Money is great,” he says, “but everything I do has to have some element of social impact.”
Today, Trove Finance has expanded its offerings beyond foreign stocks to include real estate investments and is exploring other capital markets to further diversify its product range.
Looking to the Future
After seven years with Trove Finance, Solanke reflects, “The idea has become part of my identity. Everybody just knows me as the Trove Finance guy.” The startup has achieved milestones none of his previous ventures did, but he remains focused on the future.
“Our vision is to continually expand the asset classes users can invest in,” he says. “We want to cater to whatever a user is interested in and provide them with the best value.”
As Trove Finance continues to evolve, Solanke remains committed to building a robust investment platform that empowers users across Africa to grow their wealth and secure their financial futures.
