Bamboo, the Y Combinator-backed investment platform enabling Africans to trade local and international stocks, has launched operations in Canada following the acquisition of a Money Service Business (MSB) license. Alongside this expansion, Bamboo introduced *Coins by Bamboo*, a remittance service designed to facilitate fee-free diaspora money transfers to Africa with competitive exchange rates.
The remittance product aims to address pain points faced by Africans abroad, such as high fees and complex processes, while promoting investment back into the continent. Bamboo’s co-founder and CEO, Richmond Bassey, highlighted the importance of providing efficient and affordable financial tools for Africans in the diaspora.
The decision to enter the Canadian market reflects strategic insights, as Canada is a significant destination for African immigrants. In 2022, Nigerians ranked as the fourth-largest immigrant group to Canada, with over 22,000 arrivals. This demographic aligns with Bamboo’s user base, many of whom have relocated to countries like Canada and the UK.
Since its inception in 2019 and its Nigerian launch in 2020, Bamboo has grown to 500,000 users. The platform raised $15 million in 2022 in a funding round led by Greycroft and Tiger Global, enabling its continued expansion. In May 2024, Bamboo introduced Nigerian stocks to its platform, followed by its launch in South Africa in June 2024, after obtaining a financial services license from the South African Financial Sector Conduct Authority.
By entering the competitive remittance market, Bamboo joins players like Grey Finance, Lemfi, Kyshi, and Nala. However, *Coins by Bamboo* differentiates itself with a fee-free model and competitive exchange rates. According to Bassey, this approach reflects a commitment to serving Africans globally while building a broader suite of financial tools.
In addition to remittances, Bamboo has partnered with organizations such as Women at Risk International Foundation (WARIF) and Chess2Slums, enabling users to make direct contributions through the app.
Bamboo’s expansion into Canada is a pivotal step in its mission to empower Africans worldwide, with plans to further explore other diaspora-heavy markets like the UK.
