Paystack has acquired Brass, a digital bank catering to small and medium-sized businesses (SMBs) in a deal that drives the leading African payment processor’s to become a financial solutions provider.
Paystack led the acquisition, with participation from industry heavyweights like PiggyTech, the parent company of PiggyVest, Ventures Platform, and P1 Ventures and angel investors Oo Nwoye and Olumide Soyombo.
The financial details of the acquisition have not been disclosed but it underscores Paystack’s ambition to become a comprehensive financial solutions provider for African businesses.
While the Brass founding team, including Sola Akindolu, CEO of the digital bank, will be stepping down to pursue other ventures, the company will continue serving its customers under new leadership appointed by the consortium.
“Every day, thousands of businesses use Paystack’s payments tool to accept payments from customers from anywhere in the world,” Amandine Lobelle, COO of Paystack said. “Payments, however, are only one part of a business’ financial stack.”
“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,” Paystack said.
The acquisition marks a new chapter for Brass. With Paystack’s backing and a wider range of services, Brass can expand its reach and support a broader base of businesses across Africa.
Sola Akindolu, CEO of Brass, expressed his gratitude saying that “we have added and supported tens of thousands of businesses with top-end financial tools for local businesses, and we are just getting started.
“Brass has been product-led since its founding days, building incredible products with a great brand and leading an amazing team.”
According to him, “we would like to express our heartfelt gratitude to the entire community, our invaluable backers, and our trusted partners. Your unwavering support has been instrumental in our journey, and we are deeply thankful for every contribution you have made.”
What do we know Brass digital bank?
The Nigerian FinTech startup was founded in 2020 with a mission to make “economic prosperity more accessible to everyone.” Their focus was on providing user-friendly financial tools and a robust customer support system specifically designed to meet the needs of SMBs. This approach has been instrumental in assisting tens of thousands of Nigerian businesses in their growth journey.
The startup’s product suite extended beyond basic payment processing, offering features for business operations.These included tools for expense management, allowing businesses to track, categorise, and manage spending efficiently. Additionally, they offered streamlined systems for managing employee salaries and deductions through payroll processing. Finally, the startup provided dedicated business bank accounts, offering an option for managing business finances separate from personal accounts.
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