Bamboo, the popular investment app backed by Y Combinator, is breaking new ground as it launches in Canada after securing a Money Service Business (MSB) license. With this expansion, the Nigerian-founded company is also introducing Coins by Bamboo, a remittance service designed to make diaspora money transfers to Africa more accessible and affordable by offering fee-free transactions and competitive exchange rates.
Addressing the barriers faced by African investors abroad, Bamboo’s co-founder and CEO, Richmond Bassey, highlighted the need for such a service. “Many Africans in the diaspora want to invest back home, but high fees and complexities often get in the way. With Coins, we’re working to eliminate those pain points,” Bassey explained.
The decision to enter the Canadian market follows a significant trend: in 2022, Nigeria ranked as the fourth-largest source of new immigrants to Canada, with over 22,000 Nigerians moving to the country. Bassey noted that Canada is a natural market for the app, as many users have relocated there. “Our data shows Canada is one of the top destinations for our users, right after the UK. Expanding here is strategic before we move on to the UK and other markets,” he added.
Founded in 2019 by Bassey and COO Yanmo Omorogbe, Bamboo has rapidly gained traction, boasting a user base of 500,000 across Africa. In 2022, the company raised $15 million in funding led by Greycroft and Tiger Global, cementing its position as a top platform for Africans to invest in both local and international markets.
Coins by Bamboo marks Bamboo’s foray into the competitive remittance space, where it will face off with established players like Grey Finance, Lemonade, Kyshi, and Nala. But Bassey sees Bamboo’s approach as distinctive. “The remittance market is vast, and no single company can address every challenge. Our focus is on empowering the African diaspora with seamless investment options,” he said.
Unlike competitors that often rely on transaction fees and fluctuating exchange rates for revenue, Bamboo aims to offer zero-fee transfers with favorable exchange rates. “This is the first step in a broader vision to support Africans globally,” Bassey said. “Offering fee-free transactions is part of our commitment to value, not just profitability.”
Bamboo’s philanthropic partnerships have also added a social dimension to its platform. Through Coins by Bamboo, users can directly support causes such as Women at Risk International Foundation (WARIF) and Chess2Slums, making it easy for them to give back to their communities.
This latest expansion follows Bamboo’s recent moves across Africa. After launching in Ghana in 2022, the company added Nigerian stocks to its platform earlier in 2024, and in June expanded into South Africa after securing regulatory approval from the South African Financial Sector Conduct Authority (FSCA), enabling South African users to invest in U.S. stocks from their phones.
As Bamboo’s reach grows, its commitment to bridging investment gaps for Africans worldwide remains clear.
