- Acquisition Announcement:
- Brass, a Nigerian fintech, is set to be acquired by an investor group led by Paystack.
- Paystack is owned by US payments firm Stripe, acquired nearly four years ago for $200 million.
- Investor Group:
- The deal includes participation from PiggyVest, Ventures Platform, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo.
- Brass Overview:
- Founded in 2020 in Lagos, Nigeria.
- Provides current account services and commerce tools for small and medium-sized businesses (SMBs).
- Offers services like capital financing and payroll management through its Launchpad interface.
- Growth and Importance:
- CEO Sola Akindolu highlights Brass’s significant growth and its vital role in Nigeria’s SMB economy.
- Leadership Changes:
- Founding leadership team members, including CEO Sola Akindolu, CTO Emmanuel Okeke, and product head Tolulope Saba, plan to leave post-acquisition to pursue other opportunities.
- Brass will continue to support customers and grow under a new leadership team.
Stripe’s Paystack leads investor group set to acquire Nigerian fintech start-up Brass
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