Anchor, a Nigerian banking-as-a-service (BaaS) provider, has raised $2.4 million in seed investment. 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. 

The fintech emerged from stealth a year ago with over $1 million in pre-seed funding. 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.

Incumbent banks have been lazy in bringing their services up to speed in a rapidly changing digital banking world. Consequently, these platforms have been popular with neobanks and other businesses that seek to embed financial services within their products. Now, platforms offering banking-as-a-service perceive an opportunity to deliver more personalized services and flexibility at a lower cost. They assist these firms in providing bank accounts, payments, savings, and cards.

Anchor partners with regulated banking institutions. By doing this, it claims to help businesses shorten the process of building banking products from years to days. The fintech catered to only customer accounts when it first launched. However, according to Anchor co-founder and CEO Segun Adeyemi, Anchor’s APIs now support business accounts, card issuance, bill payments, bulk disbursements, cross-border payments, and developer-only features such as an audit log system and developer webhooks.

“If you look at the scope of product today, even though there were a few other players that have been in the market before us, there is no one that has the scope of offering that we have in the market today,” the CEO who founded Anchor with Olamide Sobowale and Gbekeloluwa Olufotebi told TechCrunch on a call. “This can be validated by looking at the scope of our offerings and comparing them to what similar companies do today.”

Anchor went live in August last year with roughly 30 clients in various onboarding phases. Its current total is around 270, with approximately 63 of these firms online and actively transacting on the platform. Its clientele includes fintechs, SaaS firms, e-commerce enterprises/marketplaces, and other tech-enabled businesses. Bujeti, Pennee, SeamlessHR, LifeBank, Waza, and Zit.ng are a few of its customers.

So far, the YC-backed fintech claims to have generated more than $550 million in annualized total transaction volume (TTV) by enabling fintech services for these enterprises. Likewise, it is increasing revenue by 30% month-on-month, according to the chief executive. Processing fees, issuance fees for accounts and cards, and interest income on the float generate revenue for the firm.

Online onboarding of non-digital native firms increases financial inclusion. As a result, emerging fintechs have sought to address financial inclusion with their services. For Anchor, its initial objective was to encourage embedded financing for big supermarkets and multinationals in Nigeria. According to Adeyemi, the startup recognized a huge potential to connect these companies online and power their financial service offerings. But it didn’t go as planned.

“We realized they weren’t digitally ready yet,” said the chief executive. “We figured that most of them would take three to four years to properly onboard or even get them to the stage where they can maximize their accounts with embedded finance. As a startup, we had to realize we didn’t have the luxury of waiting for customers. So, we had to change and hyper-focus on digitally ready and tech-enabled businesses.”

A significant growth channel in the works

That was one of the most noteworthy lessons the market taught Anchor after its first year, according to Adeyemi. Others include determining proper pricing, developing revenue sources positively affecting customers’ bottom line and re-engineering its compliance processes. Therefore, the one-year-old fintech will double focus in these areas following this funding injection. “We want to improve our end-to-end compliance system, invest in value-added products like our ledger system, and onboard more customers,” explained Adeyemi.

The global embedded finance market will be worth $384.8 billion by 2029. Africa will account for 10% of this industry, with Anchor stating it’s serving a $7 billion addressable market in Nigeria. There are various growth avenues Anchor could tap into to capture market share. Above all is its recent partnership with the fintech arm of Nigeria’s largest telecom, MTN.

Meanwhile, the startup is also in very early discussions of exploring pan-African expansion, one reason why Kan, partner at lead investor Goat Capital, is bullish about the startup. “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.”

Akur8, the next-generation insurance pricing solution powered by Transparent AI, has closed a new funding round of $25m, bringing its total funding to $60+m. This latest investment round closed four years after Akur8 first commercialized its platform and introduces a new investor, FinTLV, a global Insurtech and fintech venture capital fund based in Tel Aviv. Besides FinTLV, Guidewire Software, Inc. is also investing in this round, together with historical investor BlackFin Capital Partners.

As Akur8 and FinTLV embark on this journey together, they will kick off their collaboration with a momentous joint in-person event in Tel Aviv on September 4. This event will gather 120 actuaries from Israel’s insurance industry and will be part of the Insurtech Israel 2023 Global Summit, a networking event for global insurance industry experts, serving as an ideal platform to foster this new partnership.

“This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our growth in key markets such as the US and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly,” stated Brune de Linares, Chief Client Officer at Akur8.

“To further enable and enhance our capabilities, we recently conducted a new fundraising to bring additional strategic partners to the table. FinTLV Ventures, a leading global venture capital firm with an extensive network investing in top insurtech and fintech companies, chose to invest in Akur8 – a powerful endorsement of our immediate and future potential,” noted Samuel Falmagne, CEO of Akur8.

Gil Arazi, Managing Partner at FinTLV agreed. “We take pride in investing in only the top insurtech companies in the industry, and Akur8 has proven again and again that their powerful insurance pricing software stands above the rest.”

The British Business Bank has appointed Karen Barnett as its new Chief People Officer, effective from October 2023.

Karen joins the British Business Bank from WH Ireland, a private wealth management, financial planning and capital markets services company where she was Human Resources Director and a member of its Executive Committee, and where she established a best practice HR team, responsible for collaborating with the Board and CEO to develop and implement people strategies and policies.

Prior to joining WH Ireland, Karen was Head of Human Resources at Merian Global Investors where she focussed on organisational effectiveness, culture, talent acquisition, and supporting multiple business change agendas. Karen began her career working within a large team at the Department for Education.

Karen holds a Postgraduate Diploma in Human Resources Management from Middlesex University and is a Fellow of the Chartered Institute of Personnel and Development.

Karen Barnett commented: “I am delighted to have the opportunity to lead the people function at the British Business Bank and partner with the CEO and Executive team. I look forward to joining the human resources team, working with the business to optimise support for smaller businesses and deliver the Bank’s goals of driving sustainable growth, backing innovation and unlocking potential, whilst working to build the modern, green economy.”

Louis Taylor, Chief Executive Officer, British Business Bank said: “I’m pleased to welcome Karen as our new Chief People Officer. Karen brings a wealth of human resources expertise and knowledge. I am looking forward to collaborating with her as a key member of our Senior Leadership Team and Executive Committee as we continue to grow and expand the Bank, while making sure that it remains a fantastic place to work for our people.”

• A recent Censuswide survey, commissioned by Wise, finds that barely half of bank employees believe the fees they charge to send money abroad are fair

• 62% favour a fintech’s services over their own bank’s when travelling abroad

A recent survey has revealed that only 51% of employees at the UK's top banks would recommend their respective institutions' international payments services. These findings serve as a wake-up call for traditional banks to prioritise improving their international payment offerings in the years to come or risk losing out to more specialised cross-border payment firms.

The research, conducted by Censuswide and commissioned by global technology company Wise, set out to understand whether banks’ employees are bought into their own international payment products. As it turns out, many struggle to stand by what they’re selling. Barely half believe that the fees they charge to customers sending money abroad are fair, with 19% of respondents explicitly stating that they are not proud of their international payment services. A further 32% admit that although they have recommended their bank’s services in the past, they would not do so again.

On top of the lack of confidence bank employees have in recommending their products to others, the survey revealed an even greater lack of confidence in using their own products themselves; 62% of respondents claimed that they would consider using a fintech’s card abroad this summer in favour of their own bank’s.

Steve Naudé, Head of Wise Platform, said: 

“This research clearly shows that those working within banks are dissatisfied with how they serve customers’ cross-border needs - a problem that will become more pronounced over time as people and businesses increasingly live and operate globally. If such a large number of banks' own employees - those closest to their products - wouldn’t recommend their own services, and a majority prefer using fintechs, there is clearly a significant opportunity for banks to better serve this growing customer need.

"But enhancing international payment services is no easy task, and often falls outside of banks’ immediate priority list - particularly when they are working with inflexible infrastructure. At Wise Platform, we make it easy for banks to innovate by allowing them to leverage Wise's global payments network seamlessly, without needing to implement any major changes to their systems."

Wise Platform, Wise’s infrastructure solution for financial institutions and major enterprises, partners with over 70 banks and enterprises worldwide, including Bank Mandiri, IndusInd Bank and Groupe BPCE, to bring faster, cheaper international payments to millions of bank customers directly within their existing app.

The B2B world is abuzz with anticipation as the final countdown to the iFX EXPO International 2023 in Limassol Cyprus has officially begun. The landmark event will be held on September 19-21 at the brand-new City of Dreams Mediterranean Integrated Resort.

The hype has reached a fever pitch with each passing day as brokers, investors, fintech innovators, and many others prepare for one of the biggest events on the Autumn calendar. Over 4,000 attendees are expected at the biggest fintech event of the year.

iFX EXPO International 2023 is just two weeks away and will look to provide unrivalled learning, networking, and advancement in the financial sphere. Professionals from around the world are already finalising their plans to immerse themselves in an environment of innovation, education, and cooperation at the prestigious new venue in Limassol. 

Register Today for iFX EXPO International 2023

The clock is ticking, and registration to iFX EXPO International is your key to a world of possibilities. Whether you're a leading brokerage, fintech entrepreneur, or marketing team, this event is tailored to a varied audience looking to gather insights, expand networks, and keep on top of the financial landscape.

With all the excitement building, it’s still not too late to register for the iFX EXPO International. Prospective attendees can access the following link and explore the pass categories ahead of the event. 

By registering online in advance, attendees can forgo the endless queues on-site, guaranteeing a seamless and enjoyable experience. Early registration also ensures more time to explore each booth, connect with fellow attendees, and immerse oneself fully in the iFX EXPO International experience!

Why Attend iFX EXPO International 2023

The event is more than just another exhibition and provides a variety of benefits to attending. iFX EXPO International represents a pinnacle event in the fintech space and is shaping up as a can’t miss opportunity in 2023.

The new venue at the City of Dreams Mediterranean Integrated Resort is an exciting twist for both veteran attendees and first-timers alike. The glamorous location in Limassol provides a way to experience iFX EXPO like never before.

Attendees can also take advantage of myriad networking opportunities. This includes the chance to connect with over 4,000 attendees, potential partners and clients, industry leaders, and peers, all gathered under one roof.

iFX EXPO International 2023 and innovation go hand in hand. The event features an all-in-one platform for companies to showcase their brand, foster lasting connections, close game-changing deals, and stay at the forefront of the latest fintech trends.

Finally, attending the landmark conference is the best chance to stay ahead of the competition. No other event allows attendees to place themselves at the heart of industry developments, gaining insights and knowledge that will keep them ahead in the fast-evolving world of fintech.

Book Your Stay Now with an Exclusive Accommodation Offer

With the event right around the corner, the time to book your accommodation is now. Attendees can take advantage of an exclusive offer at the expo’s new venue at the prestigious City of Dreams Mediterranean Integrated Resort, Casino & Entertainment. Special booking rates are available for delegates, for stays from September 17-24th. 

Don’t miss out on any of the action at iFX EXPO International by staying directly at the hotel and resort for unbeatable convenience. This ensures that attendees can eliminate any hassle of commuting and forgoing networking opportunities.

The venue represents Europe’s first integrated resort, completely redefining what Mediterranean resort life and luxury look like. The freshly unveiled 5-star venue also offers an unforgettable experience, complete with world-class premium amenities. This includes the availability of the resort’s luxurious spa, fitness centre, and fine dining options.

Explore the iFX EXPO International Agenda

iFX EXPO International kicks off with a world-class Welcome Party on September 19 at Columbia Beach. Starting the following morning, the event will feature a jam-packed agenda with in-depth panels and sessions covering a wide range of themes over the next two days. 

This includes the following noteworthy sessions that cannot be missed:

• Opening Keynote by CySEC Chairman - Dr. George Theocharides

• Industry Pioneers Talking Trend

• Keynote by Google | The Future of AI

• Crypto at the Crossroads: Role in the Financial Landscape?

• Trade Tech: The Golden Compass Towards Win-Win

• TikTok's power for FinTech: A Case That Solved the Business Needs

• Navigating Prop Trading: Today & Tomorrow

• Exploring The ESG-Fintech Nexus

• The Secret Ingredient: White Label

• The Future of Payments: Embedded or…?

iFX EXPO International 2023 also features the biggest speakers and names from around the fintech industry. The event will showcase the following speakers, many of which are already household names in the industry.

• Dr. George Theocharides – Chairman at Cyprus Securities & Exchange Commission

• Panos Bollas - Sector Lead, Greece, Cyprus, Bulgaria & Malta at Google

• Dr. Dimitrios Patsos – Sr. Specialist, Security at Microsoft

• Fedor Balashko – Head of Sales at TikTok

• Sergey Sukhov – Tik Tok Partnerships at Httpool by Aleph

• Marios Tannousis - CEO at Invest Cyprus

• Sarvjeet Singh Virk – Co-founder & Chief Managing Director at Finvasia

• Nikolett Palinkas – SVP of Client Relations (Acquiring) at payable.

• Dr. Stella Mourouzidou Damtsa - Manager Segments and Propositions at Bank of Cyprus

• Lissele Pratt – CGO & Co-Founder at Capitalize

On the entertainment front, attendees can unwind with the official iFX EXPO Night Party on September 20 at Theama Venue in Limassol. The grand finale will cap off the iFX EXPO International 2023 on September 21, culminating in an exhilarating UF AWARDS Ceremony, celebrating industry excellence and honouring industry trailblazers and visionaries. 

This celebration will transition into the vibrant Closing Party at Columbia Beach, promising a night of networking, music, and entertainment as attendees bid farewell to a successful event. 

See you in Limassol in two weeks!

Banking Circle, the Payments Bank for the new economy, is strengthening its presence in Spain with membership of the Spanish Association of FinTech & InsurTech (AEFI).

A modern correspondent bank committed to building a local clearing network for all major currencies, Banking Circle built the first and only real-time clearing and settlement network for 24 currencies, delivering faster, lower-cost payments. Through Banking Circle, Banks, PSPs and FinTechs can access a global network of clearing and settlement so that they can offer merchants a full cross-border banking solution that makes international payments feel local.

Last September Banking Circle appointed Jose Maria Seisdedos Rodriguez as head of Institutional Banking for the company’s Southern Europe activities. The decision to join the AEFI underpins the company’s commitment to supporting the Spanish financial ecosystem.

Banking Circle provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market-leading compliance and security. With a client base of over 300 financial institutions, including 16 banks, Banking Circle is now settling more than 10% of European B2C e-commerce flow.

As a member of AEFI, Banking Circle looks forward to collaborating with like-minded FinTech industry leaders, driving digital transformation and innovation in the Spanish financial ecosystem. In particular, the Banking Circle team will contribute insight into some of the current barriers to fast and cost-effective cross-border payments and solutions to improve financial inclusion.

The main objective of the Spanish Association of Fintech and Insurtech is to create a standard of good practices, within the development of startups and Fintech and Insurtech companies in Spain. It also aims to ensure that associated technology companies comply with a Code of Conduct and Good Practices agreed by the Association.

Jose Maria Seisdedos Rodriguez said: “The Banking Circle team are very much looking forward to working with AEFI, its partners and associates to share insights and knowledge. 

“Banking Circle was founded in 2013 with a focus on removing barriers to international trade. The evolution of e-commerce over few years has made that need even greater and we’re excited to collaborate with other key players through our membership of AEFI to support the development of a modern, dynamic and sustainable financial industry in Spain”.

“As part of the acquisition process, Clear Junction was required to undertake a rigorous change in control process with the FCA. Not only have we gained a true competitive edge with the unique pairing of cryptoasset registration and EMI licence issued by the FCA, but the acquisition also holds significance as we look to the future of finance and how the industry will develop. We closely follow the regulatory developments related to digital assets in the UK, and so it is imperative for us to expand our expertise and product offerings in line with the market trends and our vision to provide correspondent account services to regulated institutions.”

Dima continued: “Clear Junction has always seen compliance as a cornerstone to our business, and we are confident that this acquisition is an investment into our capabilities and stability of service to our clients with a solid infrastructure for offering products that fit the purpose of the future of digital assets. We will spend some time in Q4 bedding in the new business, updating policies and processes (to ensure they are in line with our high standards), and developing pilot products for launch.”

Travelex, a market leading foreign exchange brand, has introduced its prepaid foreign currency card to the Asian market with the launch of the Travelex Travel Money Card in Japan. 

Designed exclusively for overseas use and available to customers aged 12 and above, the contactless-equipped card enables customers to load multiple currencies for use at any Mastercard®-affiliated shop or restaurant in more than 210 counties and regions worldwide. Customers that purchase more than 100K Yen can get a 2000 Yen discount in the three months after the card launch. 

In addition to the Japanese Yen, the Travelex Money Card supports eight foreign currencies, including the US Dollar, Euro and Australian Dollar. When travelling to other countries, customers can load their cards with Japanese Yen or other supported currencies and convert to the local currency when making a payment. 

The card is not linked to a bank account, meaning the use of unauthorised access is minimized compared to a traditional credit or debit card. Furthermore, unlike many other foreign currency cards, the TMC does not require My Number verification documents, making it possible to purchase the card quickly and conveniently, including on the day of departure. 

The card can be purchased both in-store and pre-ordered online and picked up in-store, while the card’s features can be managed through the Travelex Money App, which enables customers to add currency, check their balance, view their transaction history and pause usage in case of loss or theft. 

The Travelex Money Card is already available to customers in the UK, Australia and New Zealand, and replaces the existing Travelex Multi-currency Cash Passport that had been sold in the Japanese market. 

Jun Otani, Director, Travelex Japan, said: 

“We are delighted to launch the Travelex Money Card in Japan, which is an enhanced version of the old Travelex Card we have become well known for in Japan. The card has proved to be hugely popular in the UK, Australia and New Zealand, and through the card we are able to offer our customers greater convenience and security than ever before.”