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.
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