Nigerian BaaS provider Anchor secured $2.4M

Nigerian banking-as-a-service (BaaS) provider, Anchor, just got a $2.4M cash injection! Led by Justin Kan's Goat Capital, FoundersX, Rebel Fund, Y Combinator, and Byld Ventures, amongst others, threw in their hats too - how thrilling! 💰

• New & Improved - Anchor recently expanded their API to support business accounts, card issuance, bill payments, cross-border payments, and more. All of this is the work of the trio - Segun Adeyemi, Olamide Sobowale, and Gbekeloluwa Olufotebi.

• Growing User Base - Since its launch, Anchor has seen its customer base swell to 270 clients, with a solid 63 of these firms being active users. They're not just fintechs, but also SaaS firms, e-commerce enterprises, and other tech-savvy businesses.

• Solid TTV - So far, Anchor has a whopping $550M in annualized TTV. The revenue stream? Processing fees, issuance fees for accounts and cards, and interest income on the float.

• Target Shift - Initially, Anchor had its eye on big supermarkets and multinationals in Nigeria. However, these big fishes weren't quite ready to take the plunge into the digital world. So, Anchor smartly pivoted to tech-enabled businesses that were all set to dive in!

• The Future - The global embedded finance market is projected to be worth a cool $384.8B by 2029, and Africa is gunning for a 10% slice of this pie. Anchor is certainly hoping to grab a big chunk of this, particularly with its recently inked partnership with MTN, Nigeria's largest telecom.

Don't sleep on Africa's fintech space, it's buzzing and Anchor is living proof!