Anchor Secures $1 Million Dollars Pre-Seed Funding, Launches Beta
Anchor, a banking-as-service fintech platform has revealed that it has secured pre-seed funding to the tune of One Million US dollars ($1 Million) as it also launches Anchor Beta.
Backed by Y Combinator, Anchor intends to maximize the raised investments using it to build a team of talents thereby enhancing the startup’s infrastructure, fund compliance and regulatory framework, and increasing customers.
The investment raised was led by Byld Venture, and also had the participation of Luno Expeditions, Y Combinator, Mountain Peak Capital, Niche Capital, angel investors also participated in the raise and including CEO Emmanuel Okeleji and SeamlessHR.
Announcing the development, the co-founder and Chief Executive Officer, CEO, Segun Adeyemi stated, “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 with a pre-seed round led by Byld Ventures.”
Anchor was co-founded in 2021 by Segun Adeyemi, Gbekeloluwa Olufotebi and Olamide Sobowale. Anchor was created to provide APIs, tools and dashboards which assist developers to develop banking features like saving features, bank accounts, offering loans, issuing cards, and funds transfers.Anchor appropriates an evolution of 200% month-on-month. according to its reports, this is a result of consistent transactions in dollars. The fintech generates income via service charges and through cuts. Adeyemi also gave insight about his company’s services, he said, “Also, we got into Y Combinator Summer 2022 batch as the first banking-as-a-service (BaaS) platform from Africa. 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.” Addressing the company’s resolutions, he stated “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.”