Nigerian Fintech Startup Brass Acquired by Paystack-Led Consortium

Nigerian fintech startup Brass has been acquired by an investment consortium led by Paystack, with participation from PiggyVest, Ventures Platform, P1 Ventures, and angel investors Oo Nwoye and Olumide Soyombo. The acquisition amount remains undisclosed.

The announcement was made via Brass’s blog, marking a significant consolidation within the Nigerian fintech industry. This acquisition brings together several prominent players, underscoring the sector’s dynamic growth and collaborative potential.

Amandine Labelle, COO at Paystack, commented on the acquisition, stating, “Each member of the investment group brings extensive experience in financing and developing reliable financial service products. With this new infusion of capital, we’re excited for Brass’s next stage of growth.”

Post-acquisition, Brass will continue to serve its customer base and expand under new leadership. The current co-founders, CEO Sola Akindolu and CTO Emmanuel Okeke, will be stepping down. Akindolu expressed confidence in the consortium’s ability to build on Brass’s achievements, saying, “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.”

While the specific impacts on Brass’s product offerings and customer base are yet to be detailed, the involvement of key fintech entities like Paystack and PiggyVest hints at a potential enhancement of financial services for Nigerian entrepreneurs. This may include integrating Brass’s suite of services—credit and payment processing, payroll, expense management, and business banking—with Paystack’s advanced payment infrastructure and PiggyVest’s robust savings and investment solutions.

Following the acquisition, Brass will continue to support its customers and grow under new leadership, as Akindolu and Okeke depart to pursue other opportunities.

This acquisition follows Brass’s recent announcement of having resolved transaction delays that had affected the platform since late 2023. The collaboration with Paystack and other consortium members is expected to bolster Brass’s service capabilities and market reach.