Bamboo, the Y Combinator-backed investment app that allows Africans to invest in local and global securities, announced that it has entered Canada after getting a Money Service Business (MSB) license. The launch in Canada is another major milestone for Bamboo even as the firm seeks to help Africans in the diaspora with safe ways of investing back home.
Bamboo will also roll out a remittance service, known as Coins by Bamboo, focused on bringing down expensive cross-border fees. “With many Africans now away from the continent, many want to invest back home, but complexity, high commissions and fees discourage it.” Bamboo’s co-founder and CEO, Richmond Bassey, said. “A way to start is by addressing these pain points, which is why we are offering Coins”
Coins by Bamboo makes it easier for the diaspora to send money home, with fee-free transfers and competitive currency exchange rates.
Entering the Canadian market also makes sense based on the trends: in 2022, Nigerian nationals constituted the 4th largest cohort of immigrants to Canada.
”Based on insights, one of the countries our users have emigrated to the most is Canada with the UK on top of the list. This means more use for the app in Canada before we go into the UK and other markets,” Bassey said.
Bamboo, founded in 2019 by Richmond Bassey and COO Yanmo Omorogbe, has grown steadily, boasting over 500,000 users. The company has raised $15 million in funding from notable venture capital firms like Greycroft and Tiger Global. In recent years, Bamboo expanded into Ghana, added Nigerian stocks in May 2024, and launched operations in South Africa in June 2024, where users can invest directly in U.S. stocks.
Entering the competitive remittance market, Bamboo will face established players like Grey Finance, Lemonade, Kyshi, and Nala. Yet, Bassey remains optimistic. “The remittance market is huge. Each company brings its own goal and approach, and our focus is to support Africans globally with products that address their unique needs.”
In addition to investment and remittance services, Bamboo users can make charitable contributions to organizations such as the Women at Risk International Foundation (WARIF) and Chess2Slums through Coins by Bamboo.
