Nigeria brokerage platform Bamboo has announced to have secured a Series A seed fund of $15 million.
It said with the seed fund; it would expand itself across the African market.
And it would launch more of its products by developing the company’s infrastructure.
This would help the market to secure faster processes and faster withdrawals.
Greycroft and Tiger Globa led the seed fund, alongside Motley Fool Venture, Chrysalis Capital, and Y-Combinator’s Michael Seibe.
What Bamboo has to say about the funding
According to the CEO and co-founder, Richmond Bassey, the startup plans to help Africans secure faster processes and faster withdrawals.
And it would allow them to earn good returns.
“Our goal is simple: we want to give Africans and their asset managers easy, fast and secure access to global investment options that will allow them to earn real returns.
We’re building the technology infrastructure powering financial services in Africa such that if you’re investing in the global capital markets from Africa, you’ll be doing so using Bamboo, directly or indirectly.
“We also want to make it seamless for African investors in the diaspora to discover the best investing opportunities on the continent. We’re excited about our work with local regulators so far to make this a reality.”
Bassey had mentioned that the company aims to make investing in the global stock market easier for people.
“What we essentially want to do is to make investing in the global stock market easy for Africans,”
Doing this would be expanding to different African marketing starting from Ghana.
Then it would move on to more demanding markets like South Africa, then Kenya.
Also, Bassey says that the company is waiting on regulators to start offering Nigeria stock.
This is for people to benefit from.
In Nigeria, they regulate stocks and stock sales, so the company needs the regulators’ approval.
Last year, the company was banned by regulators, Security and Exchange Commission, SEC.
This was because it and others like Trove, Rise were operating without a licence.