Nigerian banking-as-a-service platform Anchor bags $1 million in pre-seed

Oluwajuwonlo Afolabi -

Anchor, a Nigeria-based fintech startup offering banking-as-a-service (BaaS) platform has raised $1 million in its pre-seed funding round, alongside making its scalable neobanking solution public.

  • The fund will be used to improve its technology stack, increase its talent base, invest in compliance and regulatory infrastructure, and acquire customers, the startup claims.
  • Launched seven months ago, Anchor provides APIs, dashboards, and tools to help developers embed and build banking products including accounts, fund transfers, savings products, card issuance, and offering loans. It also provides regulatory coverage and continuous compliance support to its partners. It was accepted into Y Combinator's 2022 summer batch as the only BaaS startup from Africa.
  • The startup was formerly bootstrapped until raising its pre-seed from Byld Ventures, Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital, and angel investors such as Emmanuel Okeleji (SeamlessHR CEO).
  • It is growing 200% month-on-month. It makes its revenues from charging fees and cuts from bill-based transactions on its platform including money movement, account issuing, savings, and deposits among others.