Paystack, Backed By Stripe, Leads Acquisition Of Nigerian Fintech Brass

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Leading a group of investors in the acquisition of Brass, a fintech start-up is Paystack, a Nigerian financial technology business owned by Stripe, a US-based corporation.

 

PiggyVest, Ventures Platform, P1 Ventures, and angel investors, the creator of TechCircle, and Olumide Soyombo, the co-founder of Bluechip, are among the group of investors. Their combined experience in financing and creating financial services solutions is substantial.

 

Brass, founded in 2020 in Lagos, offers current account services and commerce tools designed for small and medium-sized businesses (SMBs). Their platform, Launchpad, includes features such as capital financing and payroll management.

 

According to Amandine Lobelle, Brass’s Chief Operating Officer, the acquisition will benefit from the investors’ collective expertise in the financial sector.

 

Sola Akindolu, CEO of Brass, expressed pride in the company’s growth since its inception. He highlighted Brass’s role in supporting Nigeria’s SMB economy.

 

In an interview with TechCabal, Akindolu confirmed that Brass’s founding leadership team plans to step down once the acquisition is completed. This includes CTO Emmanuel Okeke and Head of Product Tolulope Saba.

 

Akindolu assured that despite the leadership change, Brass will continue to provide and enhance its services under new management.

 

Details about the financial terms of the acquisition have not been made public.

 

The deal signifies a significant development in Nigeria’s fintech industry, demonstrating strong confidence in Brass’s potential.

 

The involvement of Paystack and its backers underlines the growing interest in the African financial services market.

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