Bamboo, a Nigerian investment startup, has announced its official launch in Ghana in keeping with its plans to enter other African markets in 2022.
The company is partnering with 10th Capital Investments, a Ghanaian licensed investment firm, to serve users in the West African country.
“We are thrilled to work with Bamboo to bring Ghanaians the opportunity to invest in the U.S. and eventually the local stock market. Their impeccable track record in Nigeria, stellar product and educational tools make them an ideal collaborator,” 10th Capital Investments COO Albert Asiamah had said concerning the partnership.
Bamboo received a No Objection letter from the Securities and Exchange Commission (SEC) of Ghana earlier in September 2022. The company is also insured up to $500,000 by the United States Securities Investor Protection Corporation (SIPC) through its American partner, DriveWealth LLC.
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Since it was founded in 2019, Bamboo has focused on providing investment services to Nigerians. However, it started making plans to expand into Ghana as far back as April 2021. Its Series A funding of $17.4 million in January 2022 helped it raise the necessary financial backing to kick off expansion.
After Ghana, the investment startup plans to launch in Kenya and South Africa. Speaking about the startup’s plan for the future, Bamboo CEO and co-founder Richmond Bassey said:
“We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth. That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the U.S. stock market, and eventually, in all types of asset classes.”
According to a PitchBook profile, Bamboo has 51 employees, and the startup claims to have 400,000+ registered users. It will likely be looking forward to increasing its staff strength soon.
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