Bamboo is a retail investment app launched in January 2020 that lets Nigerians set up accounts in minutes and trade U.S. stocks, ETFs and ADRs in real time through a DriveWealth partnership. The company charges a 1.5% commission per transaction and a ₦45 / $45 withdrawal fee and has focused on user acquisition and retention. Bamboo reports more than 300,000 users, about 20% of whom are active daily traders, 75% were new to stock trading when they joined, and repeat depositors accounted for 85% of deposits in 2021. The startup operates in a tight regulatory environment after Nigeria’s SEC and CBN raised compliance concerns and a court order was used to unfreeze its accounts. With the new funding Bamboo plans to scale its tech infrastructure to speed processes and withdrawals and to build a B2B product for asset managers and fintechs. It is pursuing regulatory approvals to offer Nigerian stocks before Q2 and plans geographic expansion beginning with Ghana (50,000+ on its waitlist), with demand noted from Kenya and South Africa.

Total raised

$15M

Funding rounds

1

Latest round

Series A

Latest activity

Jan 2022