Because of a rising demand to invest in U.S. equities in other regions of the world, there are several Robinhood-like platforms around the world. Bamboo, which was established in Nigeria in January 2020, is one such platform.
The investment firm has announced that it has received $15 million in a fresh financing round, following two years of substantial growth and raising $2.4 million to support it.
Greycroft and Tiger Global, both based in the United States, co-led the Series A round (this is the second Tiger Global-led investment disclosed this month, following Ghanaian fintech Float).
According to a statement obtained by TechCrunch, additional investors in Bamboo’s round include Motley Fool Ventures, Saison Capital, Chrysalis Capital, and Y Combinator CEO Michael Seibel.
The average Nigerian has only a few options for saving and investing. The naira, the country’s currency, devalues every two years against the dollar and currently has an inflation rate of about 16 per cent. One way people might protect themselves from inflation and currency depreciation is to build a stock portfolio, particularly in the United States.
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