Nigerian fintech startup, Bamboo, has raised $15 million in its Series A round of funding, seeking to accelerate its growth, move into new markets and launch more products.
Investors who took part in the funding round include Greycroft, Tiger Global, Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y-Combinator’s Michael Seibel.
The company says it will use the funding to further accelerate its growth, doubling down on unlocking new markets and launching more products. Since Bamboo announced plans to launch in Ghana in April 2021, more than 50,000 Ghanaians have joined the waitlist.
Our goal is simple: we want to give Africans and their asset managers easy, fast and secure access to global investment options that will allow them to earn real returns. We’re building the technology infrastructure powering financial services in Africa such that if you’re investing in the global capital markets from Africa, you’ll be doing so using Bamboo, directly or indirectly.
Richmond Bassey, Bamboo’s CEO and Co-Founder
Bamboo is a a brokerage app that lets Africans buy and trade US stocks in real-time. Users can fund with their dollar or local currency balance almost instantly and start investing in stocks.
The company says it has more than 300,000 users; of that number, about 20% are active daily traders, while 75% never traded stocks before using the platform. In 2021, repeat depositors made up 85% of deposits on the Bamboo platform.
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