Five Months After Freezing Of Account By CBN, Bamboo Raises $15m

Bamboom , a platform that helps Nigerians invest in United States stocks, has raised $15m from investors.

Launched in 2020 by Richmond Bassey, who founded the company with Chief Operating Officer Yanmo Omorogbe, the company democratises stocks for smaller investors to buy shares in big companies.

While Bamboo was building a portfolio of US stocks, the Central Bank of Nigeria secured a court order freezing the account of fintech in 2021.

Rise Vest Technologies, Chaka Technologies Limited and Trove Technologies Limited were also accused of being complicit in operating without license as asset managers.

Nigerians are seeing investment in foreign stock as a hedge to inflation and dollar devaluation in the country.

“In accessing investment options, especially in capital markets, both locally and globally, we want to make that easy for Africans because we’re driven to help Africans create and preserve wealth by owning shares in the world’s most successful companies,” Bassey said

Bamboo has over 300,000 users as about 20 per cent are daily traders. 75 per cent were not stock traders before using the Bamboo platform.