Brass, a Nigerian financial technology company that provides businesses with operational tools has been acquired by an investment consortium led by Paystack. This was revealed by the startup in a blog post and corroborated by Paystack.
Other members of the consortium include PiggyVest, Ventures Platform, P1 Ventures, and angel investors OO Nwoye and Olumide Soyombo. Both Ventures Platform and Flutterwave CEO, Olugbenga Agboola are existing investors of the company.
Ventures Platform attributed the need to acquire the startup to a difficult time which it went through earlier in the year. They, however, expressed belief in the value that the startup brought to small and medium businesses as well as the broader ecosystem.
Speaking about the acquisition, Paystack Chief Operating Officer, Amandine Lobelle, while noting that Brass and Paystack have had a long working relationship since the founding of the company, said:
“We are thrilled today to announce a new chapter in our partnership: 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,” she wrote.
Amandine also said that each member of the investment group brings several years’ worth of experience in financing and building reliable financial service products, and together with a new infusion of capital, we’re excited for Brass’ next stage of growth.
Brass founding team to exit the company
Brass was founded in 2020 by Sola Akindolu alongside Chief Technology Officer, Emmanuel Okeke with started with a simple mission to build world-class financial and commerce tools and provide local businesses with the right resources and support. In four years, the company said it has added and supported tens of thousands of businesses with top-end financial tools that have grown their businesses.
Speaking about the acquisition, the CEO said he believed the consortium would continue the good work they had started.
“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,” he said.
He said following the acquisition, Brass will continue to build and support its customers and grow with a new leadership team as he and CTO would leave the company following the acquisition to pursue other opportunities.
“The work of making entrepreneurship permission-less is far from finished, and we look forward to what’s next from the new team. 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,” he said.
The consortium led by Paystack is expected to name a new leadership team for the startup soon.
See also: Nigerian fintech Brass closes $1.7m round led by Ventures Platform to scale its products
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