It’s time to invest in our future!
When it comes to investments and shares, the Black community does not always have the upper hand. However, thanks to this platform, building a portfolio of stocks just got a bit easier.
After experiencing growth over two years along with raising $2.4 million, TechCrunch reports that Bamboo has now closed on a $15 million financing round. Led by U.S. -based Greycroft and co-led by Tiger Global, the Series A round includes other investors like Motley Fool Ventures, Saison Capital, Chrysalis Capital, Y-Combinator CEO Michael Seibel, and more.
Access To Resources
Unlike Americans, Nigerians are only offered a handful of ways to truly save and invest their money.
Every other year, the country’s currency (the naira) experiences devaluation against the dollar and runs on an inflation rate of nearly 16 percent. Bamboo is on a mission to change this by offering Nigerians more ways to build stocks.
“What we essentially want to do is to make investing in the global stock market easy for Africans,” said co-founder Richmond Bassey. “In accessing investment options, especially in capital markets, both locally and globally, we want to make that easy for Africans because we’re driven to help Africans create and preserve wealth by owning shares in the world’s most successful companies.”
Turning Over A New Leaf
Prior to the launch of Bamboo — which was founded by Bassey alongside COO Yanmo Omorogbe — stock investing in Nigeria was far and few between. Now, things seem to be looking up.
From expertise in user acquisition and retention to providing access to U.S. stocks, ETFs and ADRs, Bamboo now has more than 300,000 users with 20 percent serving as active daily traders. A total of 75 percent of users never traded before using the platform.
Click here to learn more about Bamboo.