Bamboo is a digital investment platform offering Nigerians the ability to buy, sell, or hold assets on the US stock exchange.
The platform provides tools to guide users in selecting stocks and exchange-traded funds (ETFs), making investing accessible and affordable.
Leveraging fractional investing technology, Bamboo allows users to invest as much or as little as they want in their preferred publicly listed U.S. companies.
With a workforce exceeding 200 and a user base of over 300,000, Bamboo has made significant strides since its launch.
Founded in 2019 by Richmond Bassey and Yanmo Omorogbe, Bamboo’s mission is to democratize investment opportunities for Africans.
It currently offers access to over 3,500 U.S. stocks and ETFs, setting itself apart from competitors like Chaka and Trove with its robust compliance, user-friendly interface, and tailored financial literacy resources for first-time investors.
Who are the founders of Bamboo?
Richmond Imoh Bassey (CEO): Before founding Bamboo, Richmond Bassey served as Chief of Staff at Helium Health and as a Product Manager at L5Lab. He holds a Master’s degree from Queen Mary University of London.
Yanmo Omorogbe (COO): Yanmo Omorogbe is a chartered financial analyst and a graduate of Imperial College London, where she earned her Master’s degree. Prior to co-founding Bamboo, she worked as an investment analyst and associate at African Infrastructure Investment Managers (AIIM).
Vision of the founders
“What we essentially want to do is to make investing in the global stock market easy for Africans,” said CEO Richmond Bassey.
“By simplifying access to investment options in both local and global capital markets, we aim to help Africans create and preserve wealth by owning shares in the world’s most successful companies.”
With this vision at its core, Bamboo seems to redefine investment opportunities for Africans, ensuring financial inclusion and empowerment for all.
Is Bamboo legit?
The company is a legitimate venture, and has a US Broker-Dealer License. Bamboo recently secured license, which afford it an opportunity to offer African investors direct access to U.S. stocks.
This milestone eliminates prior restrictions and allows seamless investment in U.S. securities through the platform.
Aside its US license, in May 2024, Bamboo introduced Nigerian stocks to its platform, enabling users to invest in prominent companies like Access Holdings, MTN Nigeria Communications, Dangote Cement, and Nestle Nigeria.
Is Bamboo in South Africa and Ghana?
In 2024, Bamboo expanded operations to South Africa, allowing users to invest in U.S. stocks via their smartphones. Earlier in September 2022, the platform launched in Ghana, partnering with 10th Capital Investments to strengthen its presence in the region.
Who are the investors backing Bamboo?
Since its launch, Bamboo has raised substantial funding, including $2.4 million two years after inception and $15 million in a 2022 financing round.
What you should know
- Bamboo faced regulatory challenges in 2021 when its account was frozen by the Central Bank of Nigeria (CBN) over alleged forex violations. However, the account was unfrozen in 2023, allowing the company to continue its operations.
- To further empower Africans, Bamboo recently launched “Coins by Bamboo,” a remittance app for Nigerians in the diaspora. Supported by a Canadian Money Service Business license, the app facilitates easy money transfers to loved ones back home.
Commentary
- Bamboo operates in a competitive landscape alongside platforms like Chaka and Trove. While all these platforms offer access to U.S. and local stocks, Bamboo seems to be playing big with its emphasis on robust compliance, an intuitive user interface, and financial literacy tools tailored for beginners.
- Most impressive, its recent acquisition of a U.S. broker-dealer license gives it an edge, and will ensure direct access to U.S. stocks—a feature that strengthens trust and simplifies the investment process for its users.
- Also, in terms of aggression in the market, Bamboo’s diversification strategy, including its entry into South Africa and Ghana, along with the launch of Nigerian stocks and remittance services via “Coins by Bamboo,” positions it as more than just an investment platform.
- By addressing the unique financial needs of Africans, Bamboo is naturally becoming a passport to investment. But then, fingers should still be crossed on its trajectory as a business. And, beyond the impressive figures, will Bamboo survive the 10-year uncertainty venture storm that many African businesses have not been too lucky to overcome?
