Home » Nigerian entrepreneur Richmond Bassey’s Bamboo secures brokerage license from SEC

Nigerian entrepreneur Richmond Bassey’s Bamboo secures brokerage license from SEC

by Omokolade Ajayi
Richmond Bassey

Bamboo, a cutting-edge investment-tech (invest-tech) startup led by Nigerian tech entrepreneur Richmond Bassey, has received a digital sub-broker license from the Nigeria Securities and Exchange Commission (SEC).

This license empowers Bamboo to operate in the Nigerian capital market, providing it with the ability to offer a diverse portfolio of Nigerian securities through its cutting-edge platform.

The license will also strengthen Bamboo’s partnerships with financial service providers and allow the investment technology startup to expand the availability of its API services.

In a recent announcement, Richmond Bassey, CEO and co-founder of Bamboo, expressed his gratitude toward the SEC for their collaborative efforts in promoting a secure investment environment while fostering innovation.

He stated that the invest-tech startup will remain committed to delivering cutting-edge technology solutions that align with industry standards, providing Nigerian retail investors with the opportunity to invest in a diverse range of digital securities and secure their financial future.

Bassey, who has a bachelor’s and master’s degree in mechanical engineering and management and organizational innovation, respectively, founded Bamboo in January 2019 with Yanmo Omorogbe, in order to help young and growing adults grow their wealth by investing in U.S. stocks.

The platform, which provides users with real-time access to the U.S. stock market and other global capital markets, as well as investment products that provide real, inflation-adjusted returns, empowers Africans to build wealth from the ground up.

Since its founding, Bamboo has established itself as a leading player in the fintech industry by attracting a large community of over 50,000 active investors and executing a substantial number of unique trades, totaling close to 1 million.

This impressive feat was further solidified in 2022 when the startup received a substantial $15-million investment during its Series-A funding round, with leading venture capitalists such as Tiger Global and Greycroft at the forefront.

Its phenomenal growth, evidenced by its substantial funding round and rapidly expanding user base, highlights the immense potential of technology to drive meaningful change in Africa’s financial landscape.

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