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Anchor, a banking as a service startup in Nigeria, secures a $1 million pre-seed funding round.

Anchor, a banking-as-a-service (BaaS) platform based in Nigeria that allows for the easy creation of financial products across Africa, has raised more than US$1 million in pre-seed funding.

Along with a number of other investors, including Emmanuel Okeleji, Ado Oseragbaje, Yinka Odeleye, and Sanmi Famuyide, YC is one of them.

Other investors include Byld Ventures, Luno Expeditions, Niche Capital, Mountain Peak Capital, and Byld Ventures. 

Olamide Sobowale, Segun Adeyemi, and Gbekeloluwa Olufotebi founded Anchor, which offers APIs for offering accounts, money movement, savings, and card goods. Segun Adeyemi was the former CEO of Amplifypay. 

Since its May beta launch, Anchor’s BaaS platform has already processed millions of dollars in transactions, increasing by over 200% month over month. Now it is opening its public beta to enable African businesses to integrate finance into their offerings and fintech to create banking solutions. More than 40 other firms are already in the company’s queue. 

“We have personally witnessed the arduous process of terminating banking alliances, negotiating third-party agreements, and securing regulatory permissions. And more generally, the enormous time and effort required to establish financial products,” added Adeyemi. 

Starting in its first market, Nigeria, the startup’s recently released public beta API architecture makes it simpler for African firms to design, embed, and launch financial solutions.

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