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Anchor, Nigerian Banking-as-a-Service Provider, Raises $2.4M Seed Round



Nigerian banking-as-a-service (BaaS) provider, Anchor, has secured $2.4 million in seed investment, spearheaded by Justin Kan’s Goat Capital, with participation from FoundersX, Rebel Fund, Y Combinator, and Byld Ventures, among others. 

Anchor, which entered the spotlight just a year ago with over $1 million in pre-seed funding, offers APIs, dashboards, and development tools to empower developers in integrating and creating banking solutions.

The competitive landscape for BaaS providers in Nigeria includes players like JUMO, Maplerad, OnePipe, and Bloc. 

These platforms have gained popularity due to the slow adoption of digital banking by traditional banks, making them attractive to neobanks and businesses looking to seamlessly integrate financial services into their products.

Anchor partners with regulated banking institutions to expedite the development of banking products, offering comprehensive solutions encompassing bank accounts, payments, savings, and cards. 

Segun Adeyemi, Anchor’s co-founder and CEO, highlights their unique position in the Nigerian fintech ecosystem, boasting a wide-ranging toolkit for developers and businesses.

Investors are drawn to Anchor for several reasons as its comprehensive suite of BaaS offerings distinguishes it in a crowded market. 

The fintech landscape in Africa, particularly Nigeria, is experiencing significant growth, fueled by neobanks and tech-driven enterprises seeking versatile BaaS solutions. Additionally, Anchor’s impressive growth metrics, with over 270 clients, $550 million in annualized total transaction volume (TTV), and a 30% month-on-month revenue growth rate, underscore its potential.

Anchor’s approach to simplifying banking for developers and businesses by offering APIs and partnering with regulated institutions positions it as a promising player in Africa’s burgeoning fintech industry.


Tech Trivia: Which 3D graphics API is developed by Microsoft for Windows PCs and Xbox consoles?

  1. OpenGL
  2. Metal
  3. Direct3D
  4. Vulkan

Answer: see end of post


  1. Egypt’s Sehatech secures $850,000 in funding


Egyptian healthtech startup, Sehatech, has announced an $850,000 funding round led by A15 and Beltone Venture Capital. 

Sehatech’s mission is to digitize and automate the relationship between insurers and healthcare service providers, particularly in claim and approval management processes, known as third-party administration (TPA) in the healthcare industry.

The current process of administering medical insurance policies is labor-intensive, time-consuming, and prone to fraud and errors. 

Sehatech aims to streamline medical approvals, claims processing, and billing cycles using a sophisticated rule-based engine. 

This not only minimizes insurers’ losses due to manual errors and fraud but also provides a seamless experience for patients and healthcare providers.

Sehatech’s digital platform promises greater transparency, faster processing times, accurate claim settlements, and ultimately better healthcare outcomes for patients. 

It also streamlines administrative operations and timely payment settlements for healthcare providers while reducing loss ratios for insurers.

By digitizing the TPA industry, Sehatech aims to make healthcare more accessible and affordable for everyone. 

A15 and Beltone Venture Capital recognize the potential of Sehatech’s innovative approach to improving the efficiency of medical insurance policies administration, benefitting patients in Egypt and beyond.

This funding will support Sehatech in expanding its team, accelerating product development, and enhancing customer service, positioning it as a game-changer in the TPA industry.

Trivia answer: Direct3D

Direct3D is an application program interface (API) developed by Microsoft that provides a set of commands and functions for manipulating 3D objects. By using Direct3D commands, software developers can take advantage of many prewritten functions. 

This allows programmers to write significantly less code than if they had to write all the functions from scratch. Direct3D makes it relatively easy to manage three-dimensional objects, including lighting and shadows as well.