Stripe’s Paystack leads investor group set to acquire Nigerian fintech start-up Brass
Brass is set to be acquired by a group of investors led by Nigerian fintech Paystack, which itself has operated under US payments firm Stripe since its own acquisition for $200 million nearly four years ago.
Nigeria’s Brass to be acquired by Paystack-led investor group
Also involved in the deal are PiggyVest, Ventures Platform, P1 Ventures, and angel investors Oo Nwoye, founder of TechCircle and Bluechip co-founder Olumide Soyombo. Together they bring “several years worth of experience financing and building reliable financial service products” to the Brass acquisition, according to a statement by Brass COO Amandine Lobelle.
Founded in 2020 in Lagos, Brass provides current account services and commerce tools tailored to the processing needs of regional small and medium-sized businesses (SMBs), including capital financing and payroll management contained within its Launchpad interface.
“Brass has grown tremendously since we started this incredible journey, and it continues to be an important player in Nigeria’s SMB economy,” comments CEO Sola Akindolu.
Discussing its proposed acquisition with TechCabal, Akindolu confirms that the start-up’s founding leadership team, including CTO Emmanuel Okeke and product head Tolulope Saba, intend to “leave to pursue other opportunities” should the deal land, with Brass to “continue to build and support its customers and grow with a new leadership team”.
Further details of the acquisition have not been disclosed.
