Bamboo, a Nigerian business that facilitates trading in U.S. equities from Africa, got $15 million in funding from venture capital companies Greycroft Partners and Tiger Global Management LLC.
According to Founder Richmond Bassey, Bamboo, which has over 300,000 account members in Nigeria, aims to utilize the capital to expand into additional areas such as Ghana, Kenya, and South Africa. Since the business revealed ambitions to enter the Ghanaian market in April of last year, more than 50,000 people had joined up.
“Our objective is straightforward: we want to provide Africans and their asset managers with simple, rapid, and safe access to global investment opportunities that will enable them to earn meaningful returns,” Bassey stated.
International investment firms are aggressively pursuing African technology startups to take advantage of the continent’s 1.4 billion people’s increased connection, quicker internet rates, and popularity of mobile banking.
According to Bassey, Bamboo is working with authorities to allow Africans to trade across several exchanges on the continent, and it will also roll out products for individuals outside the continent to invest in African financial instruments.
In a statement, Alison Lange Engel, a Greycroft partner, stated, “Bamboo is allowing Africans to prosper. We are happy to support the Bamboo team’s creative, user-first approach to the market.”
Greycroft Partners with Tiger Global have both made investments in other African startups, including payment-services unicorn Flutterwave Inc.