Just the way we have world-class investment platforms like Robinhood, Webull and TradeStation to be able to buy shares in companies, there is a similar platform like that has been launched in Nigeria.
Bamboo, a Nigerian Fintech start-up was launched in 2020 to assist Africans (Nigerians) assess real-time dollar-denominated assets via the platform. Having witnessed significant growth since its launch, it raised about $2.4 million which was used in its facilitation. The firm has announced it had raised $15 million in a funding round.
Investors like U.S based Greycroft and Tiger Global led the funding round and saw participants like Chrysalis Capital, Saison Capital, Y Combinator’s CEO Michael Seibel, Motley Fool Ventures and a bunch of other investors.
Founder and CEO of Bamboo, Richmond Bassey highlighted that the firm makes it easy for Nigerians to invest in the global stock market in terms of accessing investment options -locally and internationally- which will help drive Africans to create and preserve wealth.
In a statement released by Bassey, he also noted that Bamboo’s goal is to give Africans fast and secure access to global investment options which will enable them to earn real returns. With the new funding, the start-up intends to accelerate growth and also double down on unlocking new markets and also launch more products.
Bamboo has competitors in the investment space like Rise, Trove and Chaka and they all differ in the type of service they render. While Bamboo gives (Africans) access to ADRs (American depositary receipt), U.S stocks and ETFs (exchange-traded funds); Chaka deals with ETFs that trade on local and foreign capital markets and stocks.
The firm has the intent to expand into Ghana as it has over 50,000 users that have joined its wishlist since its announcement to launch into neighbouring West African countries. Part of the raised funds will be used in scaling the company’s infrastructure to enable smoother processes and faster withdrawals.