Bamboo, the innovative Y Combinator-backed investment app enabling Africans to buy and trade both local and global stocks, is expanding to Canada after securing the country’s Money Service Business (MSB) license. This milestone marks Bamboo’s continued growth in empowering the African diaspora to connect with financial markets back home.
Launch of “Coins by Bamboo” Remittance Service
As Bamboo expands into Canada, it is also introducing “Coins by Bamboo,” a remittance service designed to simplify money transfers to Africa. This product addresses high cross-border fees by offering fee-free transfers and competitive exchange rates, making it easier for Africans in Canada to support family, invest in their home countries, or contribute to local economies. Bamboo’s co-founder and CEO, Richmond Bassey, noted the importance of providing cost-effective financial solutions for Africans abroad, saying, “Complexity, high commissions, and fees have made investing back home challenging. ‘Coins’ is a way to address these pain points.”
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Bamboo’s entry into Canada follows strategic data showing high demand from African immigrants. In 2022 alone, Nigeria ranked as the fourth-largest immigration source for Canada, with over 22,000 Nigerians relocating there. Bassey highlighted that Canada is among the top destinations for their users, with the UK also on the roadmap for future expansion. This targeted approach aligns Bamboo’s services with the evolving needs of its growing diaspora user base.
Bamboo’s Rising Profile and Partnerships
Founded in 2019 by Richmond Bassey and COO Yanmo Omorogbe, Bamboo has seen impressive growth since its 2020 Nigerian launch. Backed by $15 million in funding from leading U.S. venture firms Greycroft and Tiger Global, the platform now serves over 500,000 users. With this strong foundation, Bamboo’s Canadian launch and remittance service compete in a crowded field, going up against established players like Grey Finance, Lemonade, Kyshi, and Nala.
In addition to financial transactions, Bamboo supports charitable giving through partnerships with nonprofits such as the Women at Risk International Foundation (WARIF) and Chess2Slums. Users can make direct contributions via the Coins app, further expanding Bamboo’s impact beyond investments.
Bamboo has also actively expanded across Africa. After its Ghana launch in 2022, Bamboo added Nigerian stocks to its platform in May 2024 and began South African operations in June, enabling users to invest in U.S. stocks directly from their smartphones. This growth comes as Bamboo secures regional licenses like the Financial Services Provider license from South Africa’s FSCA, reinforcing its commitment to accessible, cross-border investment opportunities for Africans everywhere.
