Brass, a Nigerian fintech startup that provides small and medium-sized enterprises (SMEs) with easy access to affordable premium banking services, has raised US$1.7 million in capital to help it expand into South Africa and Kenya, among other places.
Olugbenga ‘GB’ Agboola, co-founder of Flutterwave; Ezra Olubi, co-founder of Paystack; Hustle Fund; Acuity Ventures; Uncovered Fund; and Ventures Platform are among the investors in its US$1.7 million investment round. Brass will use the funds to accelerate its expansion into South Africa and Kenya, as well as to launch a number of new product categories, including a push into the credit market as it seeks to diversify its customer base.
Brass, founded by Sola Akindolu and Emmanuel Okeke in July 2020, provides SMEs with a full-stack, commercial-grade banking service across a variety of company classes, allowing them to gain better transparency and control over their money operations as well as the ability to develop their businesses.
“Africa’s SMEs have basic requirements that are just as important and unique as the clients they serve every day, and we need innovative and world-class financial services solutions that match their expectations now more than ever.” “These indigenous businesses have supported our economies for decades, providing the backbone of Africa’s prosperity to date, and now is the moment to bet on them,” said Akindolu, CEO of Brass.
“At Brass, we’ve made significant progress in the last year in addressing one of Africa’s most neglected client segments, but with a worldwide credit gap of an estimated US$5.1 trillion, our work is far from done.” This is why we’re thrilled to have a number of seasoned and strategic investors on board, whose knowledge will be invaluable not only as we prepare to expand into South Africa and Kenya, but also in our future plans beyond the continent.”
Kola Aina, founder, and general partner at Ventures Platform said Brass’ ambition to make banking work for small businesses had “immediately sold” his organization.
“For far too long, banks have failed to operate in the best interests of their customers. “We are excited to be a Brass partner as they develop the aim of making banking work for African businesses – through their array of products geared to help businesses prosper,” he said.
Thousands of businesses, including Send.ng, Mono, and Eden, as well as restaurants, schools, and malls, have benefited from the startup, which has disbursed over US$2 million in funding.
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Asante, an Africa-focused fintech company, has raised $7.5 million in Series A funding
Sendbox, a Nigerian e-commerce fulfillment startup, has raised $1.8 million in a seed round
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