Anchor, a Nigerian-based startup recently raised $1 million in pre-seed funding. It plans to use the funding to expand its business by investing in talents, infrastructures, compliance and regulatory infrastructures and also to satisfy its user’s needs.
Engaging in the pre-seed funding is Byld Ventures, which led the pre-seed funding.
Others include Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital, and angel investors such as SeamlessHR, and CEO Emmanuel Okeleji.
The banking as a service fintech startup is known for providing the APIs, dashboards and tools which developers use in embedding and building bank products. They use it to build products like bank statements, savings products, issuing cards and many others.
Founding the company includes Segun Adeyemi alongside Olamide Sobowale and Gbekeloluwa Olufotebi in 2015. And over the years it has had several million transactions with a growth of 200% every month.
The Backend as a service startup takes its cut from the billable part of businesses.
What CEO Segun Adeyemi said concerning the fund raised
Segun Adeyemi, co-founder and CEO of Anchor said that this is coming after months of building.
“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.”
Adeyemi speaks on the services that the company will offer after the funding.
The company is ready to go the extra mile to provide financial services beyond payment.
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.”