Chaka opens up global investing to Africa’s most populous nation –

▤ Summary

Investors can get started with as little as 1,000 Naira, or $10, to create a local and global wallet to trade, according to Chaka founder and CEO Tosin Osibodu. To mitigate the FX risk of the often volatile Nigerian Naira, the startup converts locally to dollars and funds client trades in USD. An alum of U-Penn and Dartmouth, Chaka’s founder got the idea to form the venture, in part, due to challenges attempting to access well-known trading platforms, such as E-Trade. Chaka backer Iyinoluwa Aboyeji, who confirmed his investment in the company to TechCrunch, believes progressive trends in Nigeria will open up a new investor class. In addition to Aboyeji, Chaka has also received seed-funds from Microtraction, a Lagos-located early-stage investment shop founded by Yele Bademosi and supported by Y Combinator CEO Michael Seibel.

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