This is the best summary I could come up with:

Justin Kan’s Goat Capital led the financing round which also welcomed participation from FoundersX, Rebel Fund and some existing investors, including Y Combinator and Byld Ventures.

Its proposition was straightforward: provide APIs, dashboards, and tools to assist developers in embedding and building banking solutions.

Anchor is one of a few BaaS providers in the Nigerian market; it competes in a crowded fintech space that includes JUMO, Maplerad, OnePipe and Bloc.

According to Adeyemi, the startup recognized a huge potential to connect these companies online and power their financial service offerings.

Others include determining proper pricing, developing revenue sources positively affecting customers’ bottom line and re-engineering its compliance processes.

“The embedded finance market in Africa is nascent but growing fast at over 30% CAGR,” said Kan. “Anchor’s growth rate is impressive and showing signs of becoming the category leader, which is something we look out for in our portfolio companies.”

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