Anchor is providing fintech startups with banking services like wallets, money transfers and physical or virtual cards. This is a new development in the fintech space, The Startup recently raised $2.4 million seed round to expand targeted at expanding its product offerings.
The newest batch of money for Anchor came mainly from Goat Capital, but some other cool companies like FoundersX, Rebel Fund, and ones that already put money in, like Y Combinator and Byld Ventures, also joined in.
Anchor is one of the few companies in Nigeria that help other businesses with their banking stuff (they call it BaaS), and they’ve got some rivals in the Nigerian fintech world like JUMO, Maplerad, OnePipe, and Bloc.
Anchor started up in August 2022, and what they do is make it super easy to create banking stuff. Instead of taking years, they can do it in just a few days!
They team up with banks that follow the rules, and they give their customers special tools (they call them APIs) to do things like make bank accounts, get cards, send and get money really smoothly, and even make cool savings and investment stuff.
Justin Kan, a partner at Goat Capital, talked about why they invested in Anchor. He said, “In Africa, the new financial services market is just getting started, but it’s growing really fast, more than 30% every year.
Anchor’s growth is impressive, and it looks like they could become the top player in this field, which is exactly what we aim for with the companies we invest in. We’re excited to team up with Segun and the Anchor team to use their banking tools to improve financial opportunities for people in Africa.”
With Anchor, a developer can build unique products like a digital bank without having to build complex system for wallets, cards and lot more.