The investment round was led by prominent venture capital firms, including Goat Capital.

Founded in 2022, Anchor has quickly emerged as a prominent player in Nigeria’s burgeoning fintech sector.

The company specializes in providing embedded finance solutions to businesses, enabling them to integrate financial services into their platforms seamlessly.

These services include payment processing, lending, savings, and insurance, all aimed at empowering businesses to enhance their customer offerings.

“We are thrilled to have gathered such strong support from investors who share our vision of expanding access to financial choices through BaaS and embedded finance. This has been a significant journey for the Anchor team after our pre-seed raise last year. We have grown tremendously and increased our impact across various clients and customer segments in Africa,” said Segun Adeyemi, CEO and co-founder of Anchor after the raise.

The Nigerian fintech ecosystem has been rapidly evolving, driven by increasing smartphone penetration, a young and tech-savvy population, and a growing demand for digital financial services.

Anchor is well-positioned to tap into this demand by providing businesses with the tools they need to offer sophisticated financial solutions to their customers.

As part of its expansion plan, Anchor aims to launch new products, invest in its licensing and compliance infrastructure, and evaluate expansion markets.