Anchor, a Nigerian banking-as-a-service (BaaS) provider, has raised $2.4 million in seed investment.
Goat Capital led the financing round which also welcomed participation from FoundersX, Rebel Fund, and some existing investors, including Y Combinator and Byld Ventures.
Details
Anchor partners with regulated banking institutions and its APIs support business accounts, card issuance, bill payments, bulk disbursements, cross-border payments, and developer-only features such as an audit log system and developer webhooks.
Anchor is one of a few BaaS providers in the Nigerian market; it competes in a crowded fintech space that includes JUMO, Maplerad, OnePipe, and Bloc.
About Anchor
Anchor went live in August 2022 and currently has 270 clients, with approximately 63 of these firms online and actively transacting on the platform. Its clientele includes fintechs, SaaS firms, e-commerce enterprises/marketplaces, and other tech-enabled businesses.
By The Numbers
The global embedded finance market will be worth $384.8 billion by 2029. Africa will account for 10% of this industry, with Anchor stating it’s serving a $7 billion addressable market in Nigeria.
Source: Techcrunch
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