Nigerian fintech startup, Bamboo, has announced its expansion to Canada and the launch of its remittance service, Coins by Bamboo.
The move to Canada follows a significant increase in Nigerian immigration to the country. By offering fee-free transfers and competitive exchange rates, Coins by Bamboo aims to simplify the process of sending money to Africa for the Nigerian diaspora.
“Many Africans living abroad want to invest back home, but high fees and complexities often deter them,” said Richmond Bassey, Bamboo’s co-founder and CEO. “Coins by Bamboo addresses these pain points, making it easier for people to support their loved ones in Africa.”
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Since its launch in 2020, Bamboo has rapidly grown its user base to over 500,000. The company has raised $15 million in funding from prominent investors like Greycroft and Tiger Global.
With its expansion into Canada and the launch of Coins by Bamboo, Bamboo is entering a competitive market dominated by established players. However, the company’s focus on fee-free transfers and competitive exchange rates sets it apart from traditional remittance services.
Bamboo’s long-term vision is to build a comprehensive financial platform that empowers Africans globally. By expanding its product offerings and geographic reach, the company aims to become a leading player in the fintech industry.
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