Users can sign up to trade on Bamboo with $10 dollars with the requirements that they be at least 18 years old and provide some identity information including a bank verification number.
According to the company, a Bamboo account is technically a US brokerage account because the company partners with DriveWealth LLC, a US brokerage firm, to facilitate its trades.
Nigerian unicorn, Flutterwave, is Bamboo’s payments partner helping Bamboo perform foreign exchange conversions and move their money. Users can deposit into the app in either naira or dollars. In the case of naira deposits, Bamboo does the naira-dollar conversions.
The app is currently open to Nigerian users and plans to use the funds raised to facilitate growth in new markets across the continent and launcnch new products.
Already, over 50,000 people from Ghana are reported to have signed up on a waiting list after the startup announced in April 2021 that it was planning to launch there.
Kenya is the other matket earmarked for Bamboo’s growth plans.