Sycamore Capital, a digital investment platform, has received regulatory approval from the Capital Market Authority (CMA) to operate as a Collective Investment Scheme (CIS).
The approval allows Sycamore Capital to exit the regulatory sandbox, making it the 11th firm to receive the green light from the CMA.
“The regulatory sandbox remains an important tool for the authority in developing evidence-based policy and regulation by facilitating innovation,” said Wycliffe Shamiah, CEO of CMA
Sycamore Capital collaborated with ICEA Lion Asset Managers, a licensed fund manager, to guide Cashlet users’ investments into registered CISs.
The company’s Cashlet mobile application, tested in the sandbox since July 2021, enables retail investors to purchase diversified stock packages and fixed-income investments such as government debt paper.
“We are committed to ensuring that every individual, irrespective of their financial standing, can benefit from our platform. The goal is not merely to set money aside but to empower users to earn strong returns/interest on their savings and have comprehensive control over their financial journey,” Aggrey Obimbo, a Director at Cashlet.
Over 10,000 Kenyans signed up for the Cashlet app during the testing period, with regulatory approval now commercially available to the general public.
The platform aims to promote an investment culture among the youth by providing convenient and cost-effective access to unit trust schemes, eliminating traditional paperwork barriers.
