DriveWealth Partners with Bamboo to Bring Nigerian Investors Easy Access To U.S Stock Market
- Trading Systems
- 12.11.2019 12:10 pm
DriveWealth, LLC, a U.S. based leader in global digital trading technology, today announced a partnership with Bamboo, a digital investment platform that gives Nigerians real-time access to invest in or trade over 3,500 stocks listed on the U.S. stock market or their local exchanges, directly from their mobile phones or computers.
Bamboo CEO Richmond Bassey said that Bamboo is “on a mission to even out the playing field for access to global investment opportunities for everyday Nigerians.” He said: “We believe Nigerians who want to grow their personal wealth in the long-term and take part in the global markets should have an investment platform they can trust to do so. Our partnership with DriveWealth is helping us make our mission a reality.”
Bamboo’s advisor and managing partner of Magic VC, Goke Olubusi, said: “Bamboo wants to help users protect against devaluation and high inflation as well as grow their money and earn real returns. Starting with access to U.S.-listed stocks, Bamboo makes it fast and seamless to discover the best global and local companies in which to invest.”
DriveWealth CEO Robert Cortright said: “We are delighted to work with Bamboo in Nigeria to fulfill our shared goal of making stock market investing easy and affordable to those who previously faced barriers to investing. DriveWealth provides the firm with our customizable technology behind the scenes, and the ability to help local investors participate in the U.S. market with real-time fractional shares in some of the world’s most recognized brands.”
Bamboo is also partnering with Lambeth Capital, a licensed Nigerian stockbroking firm, and Flutterwave, one of Africa’s largest payment platforms, to enable its users to get quick access to the U.S. stock market.
Lambeth Capital CEO Oladapo Benjamin Olubunmi said: “We are excited to partner with Bamboo because of our shared values, one of which is to make it as simple as possible for anyone, anywhere to invest. This is what Bamboo is doing, and it is long overdue. With DriveWealth providing seamless access to the U.S. market, Nigerians can build a truly global portfolio.”
With as little as $20, users can fund their Bamboo wallets including payment cards and bank transfers almost instantly and start buying and selling stocks or exchange-traded funds (ETFs). Users are also able to learn from the rich educational content which the app offers and receive regular market updates. The app is accessible to anyone with a Nigerian Bank Verification Number (BVN). Bamboo uses bank-level security including Two-Factor (2FA) Authentication, and via the partnership with DriveWealth, a member of the U.S. Securities Investor Protection Corporation (SIPC), each Bamboo account is insured up to $500,000.
DriveWealth has launched partnerships with firms on six continents, offering its innovative investing technology and a customizable suite of application programming interfaces (APIs) that partners can use to provide major new investment capabilities to their clients. Through these partnerships, the firm has pioneered bringing digital access to the U.S. securities market for individuals around the world, enabling investors of any size to gain affordable access to the U.S. stock market with a straightforward online user experience.
This year alone, DriveWealth has increased access to the U.S. markets with new partnerships in Nigeria, India and Brazil, in addition to a groundbreaking new offering with Revolut in Europe. DriveWealth, which launched its patent-pending real-time fractional share trading capabilities in 2016, was founded with the mission to democratize investing in the U.S. stock market. The firm is dedicated to eliminating barriers investors typically encounter with legacy brokers, creating its own proprietary infrastructure that allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.