Brass, a Nigerian fintech startup, 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.
“Each member of the investment group brings several years’ worth of experience financing and building reliable financial service products, and together with a new infusion of capital,” said Amandine Lobelle, COO at Paystack. “We’re excited for Brass’ next stage of growth.”
Following the acquisition, Brass will continue to build and support its customers and grow with a new leadership team. The founding leadership team will exit the startup, including co-founders CEO Sola Akindolu and CTO Emmanuel Okeke. “The work of making entrepreneurship permission-less is far from finished, and we look forward to what’s next from the new team,” Akindolu said in a statement.
While the specific impact of the acquisition on Brass’s product offerings and customer base remains unclear, the involvement of prominent fintech players like Paystack and PiggyVest suggests a potential focus on streamlining financial services for Nigerian entrepreneurs. This could involve integrating Brass’s existing product suite – credit and payment processing, payroll, expense management, and business banking services – with Paystack’s robust payment infrastructure and PiggyVest’s strong savings and investment offerings.
