Bamboo ramps up US growth strategy after completing $4m Series A funding round
The cutting-edge cryptocurrency investment app Bamboo has secured $4 million in investment to boost growth in its core business and finance its expansion into the United States.
The completion of the Series A round includes funding from Australia’s largest cryptocurrency hedge fund, Orthogonal Trading, Mountain Ash Investment Management, funds manager VP Capital as well as other Family Offices and social influencers.
Bamboo CEO Blake Cassidy says the Series A funding opens the door for the company to continue its rapid growth abroad and offer new features such as a ‘no fees’ offering.
“There are three key areas of focus for us right now, with the priority being expansion of the core Australian business to service the demand we’re seeing from our local customer base,” he said.
“We will also channel some of the investment into refining our Self-Managed Super Fund product, while the rest will fund our expansion into the United States, which is due to be completed within the first half of next year.”
Cassidy says while the US market features a variety of cryptocurrency apps, Bamboo sees a gap in the market for their simple, accessible app which focuses on micro-savings, and utilises their round-ups strategy.
“Our app enables investors who are new to digital currencies to harness techniques like rounding and dollar-cost-averaging to build their investment and secure their financial future,” he said.
“At a time when savings accounts just aren’t providing meaningful returns to customers and extortionate property prices mean real estate is no longer the go-to investment option for the average person, Bamboo is introducing people to an alternative, easy and secure source of financial growth,” he added.
The Bamboo app connects to any Australian bank account, allowing for stress-free, safe automatic deposits, utilising leading technology to protect customer details.
“Many people start by putting in as little as $50 and then use the round-up function, which allocates small amounts from everyday purchases to investing in digital currencies, including Bitcoin, Ethereum, Gold and Silver Standard,” Cassidy said.
He added that interest in the Series A funding round served as an enormous vote of confidence in what Bamboo has to offer.
The new funding will also allow the company to remove fees in the coming months to further reduce barriers to entry for investors.
“Lots of people really love the app and shrewd fintech investors clearly saw this as an excellent market opportunity.
“The capital we have raised represents a milestone in our company’s journey – we can significantly ramp up our growth strategy and establish ourselves as a mainstay in cryptocurrency investment, both here in Australia and internationally,” he said.
