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Stripe’s Paystack leads investor group set to acquire Nigerian fintech start-up Brass

  • 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.

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