Nigerian Fintech, Brass, Acquired by a Consortium Including PayStack, PiggyVest – BitKE

May 29, 2024

25 1 minute read

Untitled design6 — Brass Founders BitKE.jpg

An investment group led by Paystack has acquired the struggling Nigerian fintech company, Brass, for an undisclosed amount, the two companies announced.

Other participants in the acquisition include:

PiggyVest
Ventures Platform
P1 Ventures, and
Angel investor, Olumide Soyombo

According to a statement by Paystack, each member of the investment group brings several years of experience in financing and developing reliable financial service products. Along with a new infusion of capital, this expertise will drive the next stage of growth for Brass.

“To meet their goals, ambitious businesses in Africa require a wide variety of world-class tools from payroll to expense management and beyond – the kinds of tools built by Nigeria-headquartered Brass,” said Amandine Lobelle, Chief Operating Officer of Paystack.

“Brass and Paystack have had a long working relationship since Brass’ founding, and we’re thrilled today to announce a new chapter in our partnership.”

Brass provides top-end financial products for local businesses, helping with money operation and cash-flow needs. It serves thousands of businesses and operates from Lagos, Nigeria with international ambition.

It was founded by Sola Akindolu and Emmanuel Okeke in 2020 with a mission to making economic prosperity accessible to everyone.

“Today, I write to officially share that Paystack has led a consortium with members like Piggytech, Ventures Platform, and P1 Ventures to acquire Brass to continue the work we started. Brass has been product-led since its founding days, building incredible products with a great brand and leading an amazing team,” said Brass Founder, Sola Akindolu.

“In 12 months, we recorded astonishing growth, growing our transaction volume almost 100% month-on-month, from N400 million to N10 billion monthly in less than 6 months, signing up 5,000 businesses every month, adding more businesses than our team could onboard. Our biggest customer support issue was not responding to sign-ups quickly enough.”

Following the acquisition, Akindolu said that Brass will continue to build and support its customers and grow under a new leadership team, as the founding leadership team will depart.