Nigerian BaaS platform Anchor secures $2.4m to boost expansion

By Delisha Fernandes

Anchor, a banking-as-a-service (BaaS) provider in Nigeria, has secured $2.4 million in seed funding. This new funding will enable the platform to launch new products and continuously drive its goal of simplifying the process of building financial products in Africa.

The seed round empowers the BaaS provider to accelerate and expand its mission of providing financial infrastructure to digitally-enabled African businesses across the continent needed for building, embedding, and launching financial products easily.

The company stated that it has witnessed tremendous growth since the launch of the beta version of the platform and raised pre-seed round last year. The round was led by Goat Capital, with participation from FoundersX Ventures, Rebel Fund and other investors.

Segun Adeyemi, CEO at Anchor said, ”On the 29th of August 2022, we introduced Anchor (YC S22) to the world. A year later, I am excited to announce that we have closed a seed round of $2.4million from some notable investors. I am immensely proud of the Anchor team and grateful to our investors, customers, partners, and other stakeholders for their support. With this funding, we are excited to grow our team, launch new products, invest in our compliance infrastructure, and extend our reach to more businesses.”