Anchor, a Nigerian finance platform specializing in Banking-as-a-Service (BaaS), has successfully raised $2.4 million in seed funding. This funding round was led by Justin Kan’s Goat Capital and saw participation from FoundersX, Rebel Fund, along with existing investors like Y Combinator and Byld Ventures.
Having emerged from stealth mode just a year ago with pre-seed funding exceeding $1 million, Anchor’s mission is clear: to offer APIs, dashboards, and development tools to empower developers in integrating and creating innovative banking solutions. In Nigeria’s competitive fintech landscape, Anchor stands as one of the select BaaS providers, facing competition from established players like JUMO, Maplerad, OnePipe, and Bloc.
Traditional banks have lagged in adapting to the rapidly evolving digital banking ecosystem. As a result, BaaS platforms have gained popularity among neobanks and businesses looking to embed financial services into their offerings. Today, BaaS providers see an opportunity to deliver more personalized, cost-effective, and flexible services. They enable businesses to offer services such as bank accounts, payments, savings, and cards seamlessly.
Anchor collaborates with regulated banking institutions to streamline the process of creating banking products, reducing the timeline from years to days. Initially focused on consumer accounts, Anchor has expanded its offerings. According to Segun Adeyemi, co-founder and CEO of Anchor, the platform’s APIs now support a range of services, including business accounts, card issuance, bill payments, bulk disbursements, cross-border payments, and developer-centric features like an audit log system and developer webhooks.