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Nigerian fintech startup Brass acquired by Paystack-led consortium
Launched in July 2020 by Sola Akindolu and Emmanuel Okeke, Brass provides SMEs with comprehensive, commercial-grade banking services tailored to various business sectors. This enables businesses to have better clarity and control over their financial operations and the capability to expand their enterprises.
Similar to other startups, Brass has faced global economic challenges and liquidity issues, which led to the need for debt financing to process customer withdrawals. Recently, it has been acquired by a consortium led by Paystack, including Piggytech, Ventures Platform, and P1 Ventures.
This consortium will now manage Brass’s assets and liabilities, while Akindolu and Okeke will be departing from the company.
“Over the years, we have provided and supported tens of thousands of businesses with top-tier financial tools tailored for local enterprises, and we are just beginning. We’ve had the privilege to collaborate with some of the most talented individuals,” said Akindolu.
“Brass has experienced significant growth since its inception and remains a crucial player in Nigeria’s SMB economy. Following the acquisition, Brass will continue to develop and support its customers under new leadership, as the founding team steps down to pursue other opportunities. The mission of facilitating entrepreneurship is ongoing, and we look forward to the new team’s future achievements.”
Amandine Lobelle, COO of Paystack, noted that Brass and Paystack have had a longstanding working relationship since Brass’s inception.
“We’re excited to announce a new chapter in our partnership,” she said. “Each member of the investment group brings extensive experience in financing and developing reliable financial service products. With a new infusion of capital, we’re enthusiastic about Brass’s next phase of growth.”
Source: disruptafrica.com
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