Bamboo partners with 10th Capital Investments, launches operations in Ghana
Nigerian online brokerage firm, Bamboo has announced its operations in Ghana through its partnership with 10th Capital Investments, a private Ghanaian equity firm. This partnership aims at enabling residents in the West African country to invest in foreign companies.
Founded in 2020 by Richmond Bassey and Yanmo Omoregbe, the fintech startup has successfully gained grounds in the investment ecosystem especially that it has its locations in two booming silicon valleys; Lagos (Nigeria) and San Francisco (United States).
The platform enables unrestricted access to over 3,000 stocks on the U.S stock exchange and allows its over 400, 000 registered users to invest as low as $10 – on their phones or computers – while earning a fixed returns of up to $8 in time.
“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 US stock market, and eventually, in all types of asset classes,” Bamboo’s CEO and co-founder, Bassey stated.
Earlier this year, the company raised a $15 million series A fund to launch new products and channel its services into other African markets.
Nigerian fintech startup, Bamboo raises $15m Series A from Greycroft and Tiger Global
In April last year, the Nigeria Security Exchange Commission (SEC) claimed that the company operated illegally which eventually saw to the freezing of its account for 180 days by the Central Bank of Nigeria not until it got resolved by ensuring regulators are included in the company’s operations in the country.
In this development, the company assured that it has received ‘a No Objection Letter’ from Ghana’s Securities and Exchange Commission (SEC) to operate in the country.
Commenting on the partnership, 10th Capital Investments COO, Albert Asiamah explained that Bamboo has done impressive works in Nigeria – which will be of benefit to Ghanaians.
“We’re thrilled to work with [the Bamboo team] to bring Ghanaians the opportunity to invest in the US and eventually the local stock market. Their impeccable track record in Nigeria, stellar product and educational tools make them an ideal collaborator,” Asiamah said.