Nigerian Fintech Startup Brass Acquired by Investment Consortium Led by Paystack
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.
This was revealed by the startup in a blog post. This acquisition brings together prominent players in the Nigerian fintech space, highlighting a continued trend of consolidation within the industry.
Speaking on the acquisition, the COO at Paystack, Amandine Labelle said,
“Each member of the investment group brings extensive experience in financing and developing reliable financial service products. With this new infusion of capital, we’re excited for Brass’s next stage of growth”.
Following the acquisition, Brass will continue to build and support its customer base while growing under a new leadership team.
The current co-founders, CEO Sola Akindolu and CTO Emmanuel Okeke will be stepping down. Speaking about the acquisition, the CEO Akindolu said he believed the consortium would continue the good work they had started.
In his words,
“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”.
While the specific impacts on Brass’s product offerings and customer base remain to be seen, the involvement of key fintech entities like Paystack and PiggyVest suggests a potential focus on enhancing 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 advanced payment infrastructure and PiggyVest’s robust savings and investment solutions.
Brass will continue to build and support its customers and grow with a new leadership team as he and CTO will leave the company following the acquisition to pursue other opportunities.
This acquisition follows Brass’s announcement two months ago that it had resolved transaction delays that had plagued the platform since late 2023.
