We have prepared context and insights about this week’s leading news. The stories are:
- Bamboo secures US broker-dealer license
- Tyme Group becomes Africa’s latest unicorn
- Cassava Technologies secures $90 Million investment
Bamboo secures US broker-dealer license
Bamboo, a Nigerian digital investment platform, has become the first financial organisation from the country to secure a US broker-dealer license through its affiliate, Bamboo Securities LLC.
What does this mean? For investors using the Bamboo platform, the acquisition of the US broker-dealer license opens up new opportunities. They now have direct access to the US stock market, which was previously more restricted or indirect. This gives them the ability to invest in US securities with greater ease.
Moreover, with this license, investments made through Bamboo are now under US regulatory oversight. This added layer of regulation can boost investor confidence, as it aligns with the rigorous standards that govern US financial markets.
This license also broadens portfolio options for Bamboo users, allowing them to diversify by adding U.S. stocks, ETFs, and potentially other securities. This opens up new avenues for enhancing investment strategies and further globalising their portfolios.
Zoom Out: Founded in 2019 by Richmond Bassey and Yanmo Omorogbe, Bamboo has already amassed over 300,000 users. But Bamboo isn’t stopping there.
To further empower Africans, Bamboo recently launched Coins by Bamboo, a remittance app designed for the diaspora. The app allows Nigerians in the diaspora to send money to their loved ones from their mobile phones. It’s supported by the Canadian Money Service Business license.
Tyme Group becomes Africa’s latest unicorn
Christmas came early for Tyme Group as the digital banking company raised $250 million in a Series D funding round led by Latin American fintech giant Nubank. The investment, which values Tyme at $1.5 billion, officially propels the company into the exclusive unicorn club.
Nu Holdings Ltd. (Nubank) contributed $150 million to the round, while the M&G Catalyst Fund and existing shareholders added $50 million each.
Context: Tyme, an acronym for “Take Your Money Everywhere,” has its roots in a 2012 telco client project at Deloitte South Africa. Initially conceived as a mobile banking solution for a client, the project faced an uncertain future after being discontinued. This led to the launching of Tyme as a neo-banking service in July 2012. By 2017, Tyme secured a banking license—South Africa’s first in 18 years and officially launched TymeBank in February 2019.
Now headquartered in Singapore, Tyme Group focuses on digital banking in emerging markets. Its operations span South Africa, where TymeBank serves over 10 million users, and the Philippines, where it operates as GOTyme with over 5 million users. Combined, the group boasts more than 15 million customers.
Zoom In: TymeBank achieved its first-ever profit in December 2023, recovering from nearly $347 million cumulative losses. In September 2024, the bank secured a $9.5 million investment from African Rainbow Capital (ARC). Combined with the recent $250 million Series D round, Tyme has now raised over $600 million in the past four years.
Read more about Tyme’s future plans
Cassava Technologies secures $90 Million investment
Cassava Technologies, a pan-African technology leader, has raised $90 million in equity funding from DFC, Finnfund, and Google. This investment will strengthen the company’s financial position and support its growth across emerging markets.
Additionally, Liquid Intelligent Technologies, a Cassava subsidiary, has signed agreements to refinance its South African Rand term loan. The new facilities, equivalent to $220 million, are backed by Standard Bank of South Africa, Rand Merchant Bank, Nedbank of South Africa, and the International Finance Corporation (IFC).
Zoom In: Cassava is reorganising its operations into a unified digital solutions platform, offering services such as broadband connectivity, data centres, cloud solutions, cybersecurity, AI, and payment systems in over 30 markets.
With DFC, Google, and Finnfund joining its robust shareholder base, Cassava is well-positioned to accelerate its expansion. Its portfolio of subsidiaries—Liquid Intelligent Technologies, Africa Data Centres, Liquid C2, Cassava.ai, and Sasai Fintech—leads in sectors ranging from connectivity to AI-driven fintech. Together, these entities enable Cassava to deliver integrated, end-to-end digital solutions to its customers.
By the Numbers
$107,000
Bitcoin hit a new milestone, surpassing $107,000 on Tuesday.
