Perth, August 2018 – Tech startup Bamboo has announced it is adding to its team two fintech pioneers from US micro-investment platform Acorns – which now has US$800 million assets under management.
In the United States, Acorns has reached three million users and its last investment round was led by Blackrock with US$50 million.
Raiz Invest, or Acorns Australia, is listed on the Australian stock exchange and has a market cap of more than AU$50 million. The financial services platform rounds up small change to make micro-investments into a diversified share portfolio.
CEO and co-founder of Bamboo Phil George said:
Acorns introduced the concept of micro-investing into listed assets on the sharemarket. We are pleased that two of the early members from the project have recently joined the Bamboo team.
Former founding Acorns (US) team Colton Dillion and Taylor Culbertson will add further expertise to the existing team of ex-Google and ex-Uber staff growing the Bamboo cryptocurrency micro-investment platform.
Mr. Dillion and Mr. Culbertson managed the Acorns (US) pre-beta development team and drove the acquisition strategy for the first two million application downloads.
Bamboo has simplified the process for investing in cryptocurrencies such as Bitcoin by giving users access to cryptographic assets via its mobile phone app.
Mr. George said:
The Bamboo platform will be built utilising micro-investments as the first step in onboarding a high volume of users.
Bamboo chief technology officer and co-founder Peter Hume said the Bamboo platform was designed to simplify the process of investing in cryptocurrency.
Mr. Hume said:
Cryptocurrency investment is niche, cliquey and highly technical. We see the potential and promise of blockchain and wanted to extend this opportunity to everyone.
Bamboo is developing a platform that will allow users to save while they spend by turning their rounded-up spare change from everyday purchases into crypto micro-investments.
The Bamboo platform is scheduled for release later this year.
For more information, visit getbamboo.io.
Image courtesy of Bamboo