Brass
Provides simple, yet powerful current account services, tools, and support to help grow business.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor investor investor | €0.0 | round |
| investor | €0.0 | round | |
| investor investor investor investor investor investor | €0.0 | round | |
* | N/A | Acquisition | |
| Total Funding | 000k | ||
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| % growth | - | 94 % |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Brass operates as a digital bank in Nigeria, providing financial and operational tools tailored for the country's small and medium-sized enterprises (SMEs). The company was established in July 2020 by Sola Akindolu and Emmanuel Okeke. Akindolu, the former CEO, previously served as the head of product at Kudi, while Okeke, the former CTO, was an engineering manager at Paystack, a subsidiary of Stripe. Their collective experience in the fintech sector shaped Brass's mission to address the significant challenges local businesses face with traditional banking.
The company provides a full-stack, commercial-grade banking service that includes NDIC-insured current accounts, credit and payment services, payroll and expense management, cash flow financing, and API support. Brass aims to simplify financial operations for businesses, enabling them to open a current account online in minutes, manage team access, and integrate with business tools like QuickBooks, Sage, and Slack. The platform serves a diverse client base, from internet companies and startups like Mono and Eden to retail businesses such as restaurants and schools.
In October 2021, Brass secured $1.7 million in a seed funding round to scale its offerings and support its expansion plans into Kenya and South Africa. The round included participation from notable investors like Ventures Platform, Hustle Fund, and the co-founders of Flutterwave and Paystack. A significant development occurred in May 2024 when an investment group led by Paystack, and including PiggyVest and Ventures Platform, acquired Brass. This acquisition followed a period of operational challenges for Brass but is intended to provide a new infusion of capital and expertise to drive the company's next growth phase, though the founding leadership team has stepped down.
Keywords: digital banking, SME banking, Nigerian fintech, business banking, financial technology, Sola Akindolu, Emmanuel Okeke, Paystack, cash flow management, business accounts, expense management, payroll services, API integration, online banking, Ventures Platform, SME financing, Lagos, financial services, corporate banking, startup banking, business tools, fintech acquisition