Brass, a Nigeria fintech startup delivering easy, accessible, and affordable banking premium banking services for SMEs has secured a US$1.7 million funding round to accelerate its expansion into the Kenya and South Africa markets. The raise was led by VC firm Ventures Platform, Acuity Ventures, Hustle Fund, Uncovered Fund, and Olugbenga “GB” Agboola Flutterwave’s CEO.
A TechCrunch article reports that Brass was founded in 2017 by Sola Akindolu and Emmanuel Okeke. Sola Akindolu previously worked at Kudi while Okeke previously worked at Paystack. In comments on TechCrunch, where he was asked what distinguishes Brass from other similar baking services such as Sparkle, Prospa, Carbon, and Kuda, he believes they do not capture the entire banking needs of the market Brass is after.
Brass has thus far served thousands of businesses and helped disburse over $2 million in credit in 6 months of use. Brass Capital offers cash flow financing services to support fast-growing businesses. The company has over 5000 customers ranging from malls, schools, and restaurants, and fintech like Mono and Eden.
Most of Brass’s clients use this platform as a default money operating service provider and its current customer base includes the likes of Mono, Send.ng, and Eden in addition to a partnership with Flutterwave to drive its Africa expansion. Kenya and South Africa are the top markets in their sights.
I am very excited to announce we have raised $1.7m to build out financial operation services and solve cash-flow problems for local SMEs on the continent.
Big thanks to our thousands of customers for trusting in us. We will never forget why we are here. This is for you. pic.twitter.com/ZWBPNPfVmw
— Sola (@akindolu) October 21, 2021