Nigerian embedded finance platform Anchor raises $2.4M to expand product offerings 🚀
- Funding Round: Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed investment, with participation from investors such as Goat Capital, FoundersX, Rebel Fund, Y Combinator, and others.
- What Anchor Offers: Anchor offers APIs, dashboards, and tools to assist developers in embedding and building banking solutions, targeting both customer and business accounts. It partners with regulated banking institutions to speed up the process of building banking products.
- Expansion Plans: After launching in Rwanda in 2019 and Zambia earlier this year, Anchor is now expanding its market coverage to serve small businesses in Goma, the capital of the Democratic Republic of Congo's North Kivu province. It aims to leverage its existing infrastructure to drive growth for small businesses in the DRC.
- Growth and Vision: Anchor has seen impressive growth, with revenues rising from $2 million in its first year of business to $48 million in 2022. The company plans to replicate its model across other regions in Africa to strengthen its Pan-African presence and empower local businesses.
- Embedded Finance Market: The global embedded finance market is projected to be worth $384.8 billion by 2029. Anchor believes it serves a $7 billion addressable market in Nigeria and is exploring opportunities for pan-African expansion.
- Partnership with MTN: Anchor recently partnered with the fintech arm of MTN, Nigeria's largest telecom company, to further its growth and impact in the market.
This investment will help Anchor continue its mission of providing banking solutions to businesses and drive financial inclusion in Africa's rapidly evolving digital banking landscape. 🌍💰🚀
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