Paystack, the Nigerian payments company acquired by Stripe in 2020, has led an investment group to acquire Brass, a leading financial services provider for small and medium-sized businesses (SMBs) in Nigeria. The investment group includes prominent players such as PiggyVest, Ventures Platform, and P1 Ventures, alongside angel investors Oo Nwoye and Olumide Soyombo. This strategic acquisition is set to strengthen the fintech ecosystem in Africa, providing businesses with enhanced financial tools and services.
Founded with the vision of empowering African entrepreneurship, Brass offers a comprehensive suite of financial tools designed to meet the diverse needs of local businesses. Since its inception, Brass has supported tens of thousands of businesses by providing top-tier financial solutions for expense management, payroll, and more. The company’s innovative approach has become a vital player in Nigeria’s SMB economy.
Paystack, which helps over 60,000 businesses across multiple African countries process payments, shares a deep synergy with Brass. The acquisition builds on a longstanding partnership between the two companies, aiming to expand the range of financial services available to African businesses. This move aligns with Paystack’s mission to accelerate the growth of modern businesses in Africa through reliable and efficient financial infrastructure.
Shola Akinlade, CEO of Paystack, expressed excitement about the acquisition, emphasizing the potential for Brass to grow further under new leadership. "We believe in the vision of making entrepreneurship in Africa more accessible and successful. With the combined expertise and resources of the investment group, Brass is well-positioned to continue its growth trajectory and enhance its offerings," Akinlade stated.
The acquisition will see Brass operating independently, continuing to serve its customers with a renewed focus on growth and innovation. The founding team will transition out to pursue new opportunities, leaving Brass with a capable new leadership team. This transition is expected to bring fresh perspectives and strategies to Brass, driving the company’s next development phase.
The broader impact of this acquisition on the African fintech landscape is significant. It highlights the ongoing consolidation and collaboration within the sector, aimed at providing comprehensive financial solutions to businesses across the continent. With Paystack’s proven track record and Brass’s innovative financial tools, the collaboration is set to offer unparalleled support to African SMBs, fostering an environment where entrepreneurship can thrive without traditional barriers.
This acquisition not only strengthens Paystack’s position in the market but also underscores the importance of strategic partnerships in driving the growth of the fintech ecosystem in Africa. The combined efforts of the investment group are expected to unlock new opportunities and pave the way for more robust financial services tailored to the unique needs of African businesses.
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