Chaka has recorded another impressive win in the space of a few weeks alone, bagging a $1.5 million investment round that will enable the company expand its services to even more users and regions.
This is the same company that became the first start-up – and company – to obtain the SEC license in Nigeria and resume its operations and services to customers after a brief pause.
Launched in 2019, the start-up was born with a dream to make available local and foreign securities and stocks to the Nigerian market looking to invest in such.
Even though stocks and securities are not new to the American audience, they are not as favoured by the Nigerian audience.
For one, the lack of the proper channels to buy, keep, hold and sell these stocks is a limiting factor. The lack of proper education around them also contributes to the reason why some investors are wary of putting their money in.
As if that is not enough, it was almost impossible for the average Nigerian to buy and hold any stocks in companies outside of the Nigerian scape.
These are some of the problems that Chaka identified and came in to solve.
Playing the local market the same way Robinhood has been able to establish itself for the American audience, it is not surprising to see such growth from this venture in the space of two years.
Led by Breyer capital and having other participants such as 4DX Ventures, Golden Palm Investments, Seedstars, Future Africa and Musha Ventures, the capital from this round is sure to catapult Chaka into a better standing and launch an even more exponential growth.