Bamboo, a Nigerian fintech startup, says it has secured a $15 million Series A round to scale its tech infrastructure and expand to neighbouring African countries.
In a statement to its investors on Monday, Bamboo said the funding round would help to ensure smoother processes and faster withdrawals.
It added that funds would also help accelerate growth, unlock new markets and launch more products to help customers earn strong investment returns and build portfolios.
The fund was led by Greycroft and Tiger Global with participation from Motley Fool Ventures, Chrysalis Capital & Y-Combinator’s Michael Seibel, among others.
Richmond Bassey, chief executive officer, Bamboo, said the company’s next market is Ghana and would also scale through other African countries.
“Part of the funding will be used to scale the company’s tech infrastructure for smoother processes and faster withdrawals. We also intend to introduce new offerings to add to our B2B product, allowing asset managers and fintech companies to integrate Bamboo into their offerings for their customers and trademark stock-trading product,” Bassey said.
“Over 50,000 users have joined since our intentions to launch in the neighbouring West African country. Similarly, there has been some demand from Kenya and South Africa, so Bamboo will look to move into those countries soon with this new funding.
“These are very early days. If you think about it with the kind of technology that we’ve put together, the kind of brand that we’ve created, the access that we do both locally and globally, then we’ve come far, we are a unique team that incept a vision to say we want to get 1 million or 2 million Africans to invest in over the next 18 months and have a great shot at making it happen.
“We’re one of the few teams that can do that on the continent today, so the future is bright for us.”
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