What’s the news? On Thursday, October 21, 2021, Brass, a Nigerian digital bank, announced $1.7 million in funding to aid their growth across Africa. The raise saw participation from US-based early-stage investors, Hustle Funds, Acuity Ventures, Ventures Platform, and Uncovered Fund.
Prominent ecosystem individuals like Flutterwave’s Co-founder, Olugbenga ‘GB’ Agboola, and Paystack’s Co-founder, Ezra Olubi, also participated in this round.
What does Brass do? Sola Akindolu, ex-Head of Products at Nigerian fintech, Kudi, and Emmanuel Okeke, ex-Engineering Manager at Paystack, launched Brass in July 2020 to provide SMEs with banking services and help business owners have control over their money operations.
Currently, the platform provides SMEs with various services, including payroll and expense management, credit and payment services, and API support.
Brass has reportedly served thousands of businesses from schools to restaurants and malls, with a customer portfolio that includes platforms like Mono and Eden.
They claim to have disbursed $2 million in credit via their crediting platform, Brass Capital, which is still in the Beta phase.
Where are the funds going? With this raise, the startup is looking to scale and improve upon its products. Already, they have completed incorporation in Kenya and are looking to do the same in South Africa. By 2022, they want to launch in both countries fully.
The big picture is to develop innovative products that offer all-inclusive banking solutions in Africa.
Neobanks spree? With the number of Business to Customers (B2C), and Business to Business (B2B) neobanks like PayHippo, Prospa, and Sparkle already offering similar services, one wonders what makes Brass different. Per TechCrunch, Akindolu shares that the company’s focus is financial operations and cash flow support for SMEs.
Culled from https://techpoint.africa/
