Brass, a Nigerian digital financial institution, has raised $1.7 million in a funding spherical to assist it broaden

Brass, a Nigerian fintech startup that gives small and medium-sized enterprises (SMEs) with quick access to reasonably priced premium banking companies, has raised US$1.7 million in capital to assist it broaden into South Africa and Kenya, amongst different locations.

Olugbenga ‘GB’ Agboola, co-founder of Flutterwave; Ezra Olubi, co-founder of Paystack; Hustle Fund; Acuity Ventures; Uncovered Fund; and Ventures Platform are among the many traders in its US$1.7 million funding spherical. Brass will use the funds to speed up its growth into South Africa and Kenya, in addition to to launch numerous new product classes, together with a push into the credit score market because it seeks to diversify its buyer base.

Brass, based by Sola Akindolu and Emmanuel Okeke in July 2020, gives SMEs with a full-stack, commercial-grade banking service throughout a wide range of firm lessons, permitting them to realize higher transparency and management over their cash operations in addition to the power to develop their companies.

“Africa’s SMEs have primary necessities which are simply as essential and distinctive because the shoppers they serve on daily basis, and we want revolutionary and world-class monetary companies options that match their expectations now greater than ever.” “These indigenous companies have supported our economies for many years, offering the spine of Africa’s prosperity thus far, and now could be the second to guess on them,” stated Akindolu, CEO of Brass.

“At Brass, we’ve made important progress within the final yr in addressing one in all Africa’s most uncared for consumer segments, however with a worldwide credit score hole of an estimated US$5.1 trillion, our work is much from carried out.” That is why we’re thrilled to have numerous seasoned and strategic traders on board, whose data will likely be invaluable not solely as we put together to broaden into South Africa and Kenya, but additionally in our future plans past the continent.”

Kola Aina, founder, and basic accomplice at Ventures Platform stated Brass’ ambition to make banking work for small companies had “instantly bought” his group.

“For much too lengthy, banks have didn’t function in the perfect pursuits of their clients. “We’re excited to be a Brass accomplice as they develop the purpose of constructing banking work for African companies – by means of their array of merchandise geared to assist companies prosper,” he stated.

1000’s of companies, together with Ship.ng, Mono, and Eden, in addition to eating places, colleges, and malls, have benefited from the startup, which has disbursed over US$2 million in funding.

 

Learn extra on Tech Gist Africa:

Asante, an Africa-focused fintech firm, has raised $7.5 million in Collection A funding

Sendbox, a Nigerian e-commerce achievement startup, has raised $1.8 million in a seed spherical

Sanergy, a Kenyan waste administration firm, has raised $2.5 million in funding

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