BRASS Company Profile

Background

Company Name: BRASS

Industry: Financial Technology (FinTech)

Headquarters: Lagos, Nigeria

Social Media:

Twitter: @brassbanking

LinkedIn: Brass

Mission: To empower local businesses with the right tools for success at minimal cost.

Vision: To revolutionize business banking by providing seamless financial operations and payment services tailored for businesses.

Primary Area of Focus: Business banking solutions for small and medium-sized enterprises (SMEs) in Nigeria.

Industry Significance: As a Nigerian fintech startup, BRASS addresses the significant challenges local businesses face with traditional banking, offering innovative solutions to streamline financial operations and support business growth.

Key Strategic Focus

Core Objectives:

Provide seamless banking services tailored for businesses.

Offer growth financing, payroll services, and business support resources.

Simplify financial operations for SMEs, enabling them to open current accounts online in minutes.

Specific Areas of Specialization:

Digital banking solutions for businesses.

Financial operations and cash flow management.

Integration with business tools like QuickBooks, Sage, and Slack.

Key Technologies Utilized:

API support for seamless integration with business tools.

Secure online banking platforms for easy account management.

Primary Markets or Conditions Targeted:

Small and medium-sized enterprises (SMEs) in Nigeria.

Retail businesses and e-commerce platforms.

Tech startups and API-driven companies.

Financials and Funding

Total Funds Raised: $1.7 million

Recent Funding Rounds:

October 2021: Seed Round raising $1.7 million from investors including Ventures Platform, Hustle Fund, and individual investors Olugbenga Agboola and Ezra Olubi.

May 2024: Acquired by an investment group led by Paystack, including PiggyVest and Ventures Platform.

Notable Investors:

Ventures Platform

Hustle Fund

Olugbenga Agboola

Ezra Olubi

Paystack

PiggyVest

Intended Utilization of Capital:

Scale offerings to support expansion plans into Kenya and South Africa.

Enhance platform capabilities and customer support.

Strengthen operational infrastructure to accommodate growth.

Pipeline Development

As of October 2025, specific details regarding BRASS's pipeline development are not publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies:

Secure online banking platform tailored for business needs.

API integrations with popular business tools for seamless financial management.

Significant Scientific Methods:

Data analytics for cash flow management and financial forecasting.

Machine learning algorithms for fraud detection and risk assessment.

Leadership Team

Key Executives:

Sola Akindolu: Co-founder and former CEO. Previously head of product at Kudi.

Emmanuel Okeke: Co-founder and former CTO. Former engineering manager at Paystack.

Key Contributions:

Led the development and launch of BRASS's digital banking platform.

Established strategic partnerships with investors and business tool providers.

Leadership Changes:

May 2024: Acquired by an investment group led by Paystack, resulting in the departure of the founding leadership team.

Market Environment and Competitor Profile

Market Insights and Dynamics:

The Nigerian fintech sector is rapidly growing, with increasing adoption of digital banking solutions among SMEs.

There is a rising demand for seamless financial operations and cash flow management tools tailored for businesses.

Competitor Analysis:

Kuda: A digital bank offering financial services to individuals and businesses in Nigeria.

Mono: Provides financial infrastructure for businesses to access and manage their customers' financial data.

Eden: Offers financial services and tools for businesses to manage payments, expenses, and cash flow.

Strategic Collaborations and Partnerships:

Paystack: Led the acquisition of BRASS in May 2024, providing capital and expertise to drive the company's next growth phase.

PiggyVest: Participated in the acquisition, contributing to the strategic direction and growth of BRASS.

Ventures Platform: Invested in BRASS during the seed round in October 2021, supporting the company's initial growth and development.

Operational Insights:

BRASS's acquisition by Paystack and other investors has provided a new infusion of capital and expertise, positioning the company for future growth and expansion.

Strategic Opportunities and Future Directions

Strategic Roadmap:

Enhance platform capabilities to offer a comprehensive suite of financial services for businesses.

Expand operations into other African markets, leveraging the existing investor network.

Strengthen customer support and educational resources to empower SMEs in managing their finances effectively.

Future Business Directions:

Develop additional financial products tailored for specific industries and business needs.

Explore partnerships with international financial institutions to broaden service offerings.

Opportunities for Expansion:

Leverage the growing fintech ecosystem in Africa to introduce innovative financial solutions.

Capitalize on the increasing adoption of digital banking among SMEs to expand the customer base.

Positioning for Future Objectives:

The acquisition by Paystack and other investors provides BRASS with the resources and expertise to achieve its strategic objectives and drive future growth.