Paystack-led consortium acquires Nigerian fintech startup Brass
TLDR
- Nigerian fintech startup Brass acquired by Paystack-led investment group, PiggyVest, Ventures Platform, P1 Ventures, and angel investors.
- Brass offers SMEs financial tools like credit, payment processing, payroll; to continue operations and expansion under new leadership.
- Founding team, including CEO Sola Akindolu and CTO Emmanuel Okeke, to depart post-acquisition.
Nigerian fintech startup Brass has been acquired by an investment group led by Paystack, with participation from PiggyVest, Ventures Platform, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo, for an undisclosed amount.
Launched in 2020, Brass provides SMEs with financial tools, including credit and payment processing, payroll and expense management, API access, cash flow analysis, team and client management features, and core business services such as point-of-sale systems, debit cards, and credit cards—all integrated within a dedicated business bank account.
Post-acquisition, Brass will continue to serve its customers and expand under new leadership. The founding team, including CEO Sola Akindolu and CTO Emmanuel Okeke, will depart from the startup.
Key Takeaways
The acquisition comes two months after the fintech startup resolved transaction delays that had affected the platform since late 2023. CEO Sola Akindolu attributed the delays to a limited number of businesses (80) and challenging economic conditions. In March, Brass temporarily discharged some employees to restructure its operations to adapt to the current economic climate. Despite these challenges, Brass serves over 5,000 customers, ranging from educational institutions and shopping centers to restaurants and tech startups like Eden and Mono. The fintech startup has secured at least $2 million in funding, and beyond its challenges, the consolidation reflects the growing maturity of the Nigerian fintech ecosystem, as established players seek to expand their offerings and market reach through acquisitions.
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