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Nigerian BaaS startup Anchor raises $2.4 million

Nigerian BaaS startup Anchor raises $2.4 million

Nigerian Banking-as-a-Service platform Anchor has raised $2.4 million in seed funding from a number of prominent investors, including Goat Capital, FoundersX and Rebel Fund, alongside existing backers Y Combinator and Byld Ventures.

The fintech emerged from stealth a year ago with over $1 million in pre-seed funding.

Over the past year it has provided its banking APIs to as many as 50 companies, facilitating transactions worth over $500 million.

Founder Shakima Diabi, says the company is in the process of onboarding an additional 200 businesses.

"Today less than 50% of adults have access to basic banking products and more than 90% of transactions still happen in cash. Despite the growth of fintech in the last few years it is still very diifcult." he says. "with this funding we plan to invest in our compliance infrastructure, onboard new customers, launch new products and expand into new markets."

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