Banking-as-a-Service Platform Anchor Joins Y Combinator’s Summer 2022 (S22) Bundle, Announces Public Beta Launch


Anchor (, a banking platform as a service (BaaS) for creating financial products seamlessly in Africa announces its launch in public beta. The startup was also accepted into Y Combinator Summer 2022 Batch as the first African BaaS and integrated finance platform.

In recent years, several reports have been published on the magnitude of the opportunity for financial inclusion in Africa (, in particular with regard to the provision of digital financial services.

These reports have led to an increase in the number of companies and the volume of investment activity in the fintech space in Africa. Yet two things stand out; the minimal impact on financial inclusion and the continued difficulty in building and launching a fintech business on the continent.

For context, financial exclusion in Nigeria has only decreased by 1%, from 37% in 2018 to 36% in 2020. Moreover, today, across Africa, it takes an average of 500,000 $ and 18 months to create and market financial products. Businesses must navigate the hurdles of rigorous licensing and compliance processes, multiple layers of integration, complex banking and third-party relationships, and invest in complex core banking infrastructure.

Anchor ( launches its public beta API framework to make it easier for African businesses to build, integrate and launch financial products, starting in its first market, Nigeria.

Founded by Segun Adeyemi, former CEO of Amplifypay, Olamide Sobowale and Gbekeloluwa Olufotebi, Anchor provides an API to offer accounts, money movement, savings and card products.

“We built Anchor to take the complexities out of building financial products, so businesses can get started in five minutes with a few lines of code,” says Anchor CEO Segun Adeyemi.

In May, Anchor released its private beta in collaboration with innovative start-ups like Outpost Health, Dillali, and Pivo. The BaaS platform has completed millions of transactions, growing over 200% MoM, and is now ready to launch its public beta ( for African companies to integrate finance into their offerings and for fintechs to create banking products. Already, the company has more than 40 other startups on its waiting list.

Anchor has raised over $1 million in pre-seed funding from Byld Ventures, Y Combinator, Luno Expeditions, Niche Capital, Mountain Peak Capital and numerous angel investors including Emmanuel Okeleji (CEO, SeamlessHR), Ado Oseragbaje , Yinka Odeleye and Sanmi Famuyide.

According to Ashutosh Desai, Partner at Y Combinator, “Anchor’s integrated finance platform enables technology companies in Africa to create products that can rapidly expand access and improve the quality of financial services. We are delighted to support Segun, Olamide and Gbeke – a highly technical and experienced team – in building the financial infrastructure essential for Africa’s economic growth.

“I think BaaS will play a leading role in the distribution of financial services in Africa. As a comprehensive core solutions provider, Anchor separates customer engagement from infrastructure, allowing its customers to focus on building differentiation rather than core product infrastructure. We are really excited to work with this determined and experienced team,” Founder of Byld Ventures, Youcef Oudjidane.

Anchor is a solution born from insights gleaned from the founders’ experience building and collaborating with fintechs across Africa. CEO Segun Adeyemi founded Amplifypay; a payments company he left for Carbon (FKA OneFi/Paylater) in 2019. Segun then worked with JUMO, a company that provides credit infrastructure to large mobile money operators across Africa.

Olamide, CTO and co-founder, worked at AppZone, TeamApt, Kuda and Carbon. At TeamApt, he worked as a Fullstack Engineer in the team that built the first virtual payment product in Nigeria. Gbeke, Head of Engineering and Co-Founder, was an IT consultant and entrepreneur in Nigeria for over 10 years before joining where he created financial operations software.

“We have witnessed the painful process of entering into banking partnerships, negotiating contracts with third parties and obtaining regulatory approvals. And more generally, the considerable time and effort required to launch financial products,” Segun said.

He added that “given the commonality of the underlying infrastructure, regardless of the unique value propositions, companies shouldn’t have to wait years and spend millions to get to market. That’s why we’re excited to get Anchor into the hands of many more companies through our public beta launch.

Distributed by APO Group on behalf of Anchor.

For more information or interview requests with Segun AdeyemiCEO of Anchor, please contact David Akinfenwa ([email protected]).

About Anchor:
Anchor ( is a bank as a service and an integrated financial platform that enables African businesses to create financial services products.

Anchor helps businesses increase revenue by delivering personalized banking products to their retail and business customers by managing compliance, back-end infrastructure, and banking relationships.

This press release was issued by APO. Content is not vetted by the African Business editorial team and none of the content has been verified or validated by our editorial teams, proofreaders or fact checkers. The issuer is solely responsible for the content of this announcement.


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