Nigerian stock trading app Bamboo raises $15m to expand into Ghana and Kenya

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Bamboo, an app used to buy and trade U.S. stocks in real time, raised $15 million in Series A funding.

The funding round was led by Greycroft and Tiger Global with participation from Motley Fool Ventures, Saison Capital, Chrysalis Capital and Y-Combinator’s Michael Seibel and others.

Bamboo’s app allows users to buy and sell shares of around 3,000 companies.

Bamboo generally does not offer stocks whose companies have a market cap of less than $1 billion, unless those stocks have high demand.

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Users can register to trade on Bamboo with $10 provided they are at least 18 years old and provide identification information including a bank verification number.

According to the company, a Bamboo account is technically a US brokerage account because the company partners with DriveWealth LLC, a US brokerage firm, to facilitate its transactions.

Nigerian unicorn, Flutterwave, is Bamboo’s payment partner that helps Bamboo with currency conversions and money transfers. Users can deposit in the app in Naira or Dollars. In the case of naira deposits, Bamboo does the naira-dollar conversions.

The app is currently open to Nigerian users and plans to use the funds raised to facilitate growth in new markets across the continent and launch new products.

Already, more than 50,000 people from Ghana are said to have signed up on a waiting list after the startup announced in April 2021 that it planned to launch there.

Kenya is the other market targeted by Bamboo’s growth plans.

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RECOMMENDED READING: Nigeria’s Nestcoin Raises $6.45M to Develop Web3 Solutions for Africa

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