Bamboo, the Nigerian-born investment platform backed by Y Combinator, is expanding its reach with an entry into Canada after securing the Money Service Business (MSB) license. This move enables Canadians, especially the Nigerian diaspora, to invest directly in African and international stocks, addressing challenges faced by Africans abroad in making local investments. Alongside this expansion, Bamboo has launched a remittance payment service called Coins by Bamboo. The new feature promises fee-free transfers and competitive exchange rates, aiming to reduce the high costs traditionally associated with cross-border remittances.
The motivation behind Bamboo’s latest developments is clear. Canada’s Nigerian immigrant community is substantial, with Nigeria as the fourth-largest source country for immigration to Canada in 2022, as reported by Immigration, Refugees and Citizenship Canada (IRCC)ng to Bamboo’s co-founder and CEO Richmond Bassey, this demographic shift influenced the company’s choice to enter the Canadian market before launching in the UK, also a leading destination for African immigrants.
Bassey noted that one of the app’s goals is to make investments back home less complex and costly for diaspora Africans who wish to invest in local markets. “With many Africans now away from the continent, many want to invest back home, but complexity, high commissions, and fees discourage it,” Bassey told TechCabal. Coins by Bamboo directly addresses these pain points by offering cost-effective remittance services.
Founded in 2019 by Bassey and COO Yanmo Omorogbe, Bamboo achieved early success in Nigeria, attracting over 500,000 users and securing $15 million in Series A funding led by U.S. venture firms Greycroft and Tiger Global in 2022. Since then, Bamboo has expanded into Ghana in 2022, added Nigerian stocks in 2024, and launched in South Africa in June 2024 after securing a license from the Financial Sector Conduct Authority (FSCA).
With the addition of Coins by Bamboo, Bamboo now enters a competitive remittance market alongside established players like Grey Finance, Lemfi, Kyshi, and Nala. Bassey emphasized that Bamboo’s approach differs from others: “The remittance market is huge; I don’t think one player can solve the problem. The difference is in the goal and what the company is trying to achieve.” Coins by Bamboo prioritizes low-cost transfers, with fee-free options and favorable exchange rates.
In addition to providing investments and remittance services, Bamboo has partnered with organizations like the Women at Risk International Foundation (WARIF) and Chess2Slums, enabling users to make direct charitable contributions via the app. This integration emphasizes Bamboo’s commitment to making a social impact while enhancing its service suite to benefit Africans at home and abroad.
Bamboo’s Canadian expansion and new remittance service represent strategic steps in building an all-encompassing platform that supports Africans worldwide, breaking down financial barriers and fostering greater economic connectivity within the diaspora.