Anchor

Anchor, Nigeria Fintech Company Raises $1 Million To Upscale Its Services

A Nigerian-based startup company, Anchor, raises $1 million in pre-seed funding. The startup plans to use the funding to expand its business by investing in young tech enthusiasts, and young talents, improving its infrastructures, compliance, and regulations. Also, to satisfy its customers and by meeting their needs.

Investors backing the funding include Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital, and angel investors such as SeamlessHR, and CEO Emmanuel Okeleji. However, Byld Ventures led the funding. 

What Anchor Does

Anchor was founded in 2015 by Segun Adeyemi and co-founded by Olamide Sobowale, and Gbekeloluwa Olufotebi. Over the years, the start-up has carried out millions of transactions with a monthly growth of over 200%. 

The start-up focuses on providing APIs, dashboards, and tools that will assist developers in implant and building banking services and products such as bank accounts, funds transfers, savings products, issuing cards, and offering loans amongst other services and products

CEO Segun Adeyemi Speak About the Raised Fund

The CEO of Anchor, Segun Adeyemi, in his address says “After months of building and talking to our early customers, we are excited to be coming out of private beta and launching our public beta”.

He adds that Anchor is the first banking-as-a-service platform in Africa to get into Y Combinator Summer 2022 batch.

At Anchor, we provide API and tools for businesses to create accounts, transfer funds, offer savings, issue cards, and do more for their customers.

This enables them to grow revenues by offering and embedding financial services within their products.”

Services Anchor Aims to Offer

Segun Adeyemi mentions the kind of services customers should expect and what the company aims to provide after the funding. In his words, he said the company is set to make extra effort to provide financial services beyond payment. 

Furthermore, he said “We’re now seeing a new development where businesses want to offer different products and financial services beyond just payments.

We strongly believe that the way is not just by latching banking-as-a-service on a payments platform, but there has to be proper banking as a service platform built with the right infrastructure and go-to-market strategy.

That’s the problem we decided to solve as a team, basically the full end-to-end infrastructure for startups to be able to build, embed, and launch financial services.”

Adeyemi is a co-founder of  Amplifypay, a company focused on recurring payments and direct debit.