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Nigerian Banking as a Service Fintech Startup, Anchor, Raises $1 Million After a 200% Growth Streak

Anchor claims to be transacting several millions of dollars while growing 200% month-on-month.

Fresh off launching its services in August 2022, Anchor has raised more than $1 million in a pre-seed round.

Participants in the round include:

  • Byld Ventures
  • Luno Expeditions
  • Y-Combinator
  • Niche Capital
  • Mountain Peak Capital
  • Angel investors  – Emmanuel Okeleji, Ado Oseragbaje, Yinka Odeleye, and Sanmi Famuyide

Anchor services consist of an API and tools that businesses can use to build, embed, and launch banking products. Their API capabilities include:

  • Bank account creation
  • Fund transfer
  • Savings products
  • Card issuance

According to CEO, Segun Adeyemi, the firm has transacted several million for a few companies since they started testing their product in private beta three months ago.

They also have over 40 businesses on a waiting list.

Anchor claims to be transacting several millions of dollars while growing 200% month-on-month.

Anchor is starting out having gathered experience creating and/or working in the sector for the last few years.

Adeyemi was the founder of AmplifyPay in 2015, a startup focused on recurring payments and debit, before it was acquired by Carbon, a digital bank operating across Nigeria, Kenya, and Ghana.

My Co-Founders, Olamide Sobowale & Gbeke Olufotebi, also have deep understanding and shared pain points of what it takes to build a fintech in Africa. This was from their experiences working at the likes of Kuda, Carbon, Appzone, & TeamApt. – CEO, Anchor

He adds that with Anchor, they are working on abstracting away all the complexities in building and launching financial products in Africa. From their beta program in the last 3 months, they believe that businesses are in need of the solution they offer.

Anchor has also been accepted onto Y-Combinator in the current S22 batch. The incubator was also one of the participants in the pre-seed round.

 

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