Nigerian Embedded Finance Platform Anchor Raises USD 2.4 M Seed Funding

Anchor, a Nigerian banking-as-a-service (BaaS) provider, has raised USD 2.4 M in seed investment. Justin Kan’s Goat Capital led the financing round which also welcomed participation from FoundersX, Rebel Fund and some existing investors, including Y Combinator and Byld Ventures. 

Anchor provides APIs, dashboards, and tools that help developers embed and build banking products such as bank accounts, funds transfers, savings products, issuing cards, and offering loans. The fintech has 270 clients (reportedly), 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. The startup is also in very early discussions of exploring pan-African expansion.