Brass, a Nigerian startup specializing in tailored financial solutions for SMEs, has been acquired by a consortium led by Paystack. The consortium also includes PiggyVest, Ventures Platform, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo.
Brass offers a comprehensive suite of commercial-grade banking services designed to empower SMEs. These services enable businesses to gain greater clarity and control over their financial operations, thereby facilitating their growth and scalability. Brass’s offerings include:
- Payments and Collections: The platform allows businesses to send and receive money efficiently, manage payments to multiple vendors or employees, and collect payments from clients and customers.
- Expense Management: Brass provides tools for managing business expenses, including corporate cards that help businesses track and control their spending.
- Accounting Tools: Integration with accounting software helps businesses streamline their financial operations and maintain accurate financial records.
- Credit Services: Recognizing the funding challenges faced by SMEs, Brass offers access to credit facilities, enabling businesses to secure loans and financing for growth and operations.
In a recent financing round, Brass secured $1.7 million to further support African SMEs. Following the acquisition, Brass CEO Sola Akindolu announced in a blog post that the founding leadership team, including himself and Emmanuel Okeke, will be leaving the company to pursue other opportunities. Details about the new leadership team have not been disclosed.
With this new infusion of capital, the consortium is enthusiastic about the next stage of Brass’s growth.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
