A Nigerian digital bank startup- Brass has announced receiving funds of $1.7million to cater to the banking needs of domestic entrepreneurs, traders and other rapidly growing businesses. The funding would provide small-medium business (SMEs) with smooth access to pocket friendly banking services
As per credible reports, the funding led by Venture Platform included participation from variou\\\s investors namely Hustle Fund, Uncovered Fund and Acuity Ventures. Angel investors including CEO of Flutterwave, Olugbenga Agboola, Co-founder of Paystack as well contributed to the funding.
It has been speculated that the startup began its expansion into Kenya and South Africa a year ago and the new funding will be used to back its establishment. Apart from this, the investment will also push the launch of new product categories into the credit market ahead of the company’s plans to expand its customer base.
Founded by Sola Akindolu and Emmanuel Okeke in July 2020, Brass has successfully provided full-stack, commercial grade banking service to SMEs throughout various business classes. This has enabled the businesses to get clearer clarity and control over their money operations and ability to scale their business.
Akindolu, Brass CEO, quoted that Africa’s SMEs need world-class and innovative financial services solutions to meet their needs and provide support for Africa’s success.
This investment would potentially allow the team to welcome onboard a different professionals and strategic investors, thus playing a crucial role in enhancing the company role in South Africa and Kenya, and globally.
As per reports, Brass currently offers services like payroll and expense management, credit and payment services, payroll and expense management and some other primary business assistance.
To pace up the business growth, Brass has reportedly supported many firms, provided $2million in credit and has launched a cash flow financing tool named Brass Capital.
According to sources, customers reportedly use Brass as the primary platform for money transaction service providers including Mono, Send.ng along with schools, restaurants and shopping malls.