Brass, has raised $1.7 million in a round led by Ventures Platform to help it scale its products

Brass, has raised $1.7 million in a round led by Ventures Platform to help it scale its products

Metal Brass Inc., a Nigerian fintech startup, announced today that it has raised $1.7 million in funding for geographic expansion and product development.

Hustle Fund, Acuity Ventures, and Uncovered Fund were among the investors in the round, which was led by Ventures Platform. Angel investors such as Olugbenga Agboola, CEO of Flutterwave, and Ezra Olubi, co-founder of Paystack, among others, contributed to the round of funding as well.

Founded in 2012, Brass is a platform that offers banking services to small and medium-sized businesses. Akindolu and Okeke founded the company in July of 2020, according to a press release.

Before joining Paystack, Akindolu worked as the head of product at Kudi Financial Services, and Okeke worked as an engineering manager at Paystack.

Ventures Platform founder Kola Aina stated that one of the reasons for their investment was the startup's mission to make banking more accessible to small businesses. Husky Fund general partner Elizabeth Yin expressed her enthusiasm for the investment in a statement.

What they do

One of the numerous challenges that SMEs in Nigeria and throughout Africa face is gaining access to comprehensive banking solutions. There are already a number of startups attempting to fill the void, including Sparkle, Carbon, and Prospa, among others.

This ability to manage financial operations as well as cash flow from a single business account is what distinguishes Brass from the competition.

Brass provides a wide range of products and services, including credit and payment processing, payroll processing, and expense management, to its customers. APIs, cash-flow analytics, and team and contact management are also included, among other features. Additional business services offered by the startup include point-of-sale, debit, and credit card processing among others.

According to Brass Capital, after six months of operation, it has provided credit services to 24 beta customers worth more than $2 million. It has more than 5,000 customers, ranging from schools and shopping malls to fintech companies such as Eden and Mono, among others. As part of its standard product offering, the fintech generates revenue by providing credit and making API calls, among other things.

In Conclusion

In the words of CEO Akindolu, the latest round of funding will allow the company to expand into additional African countries such as Kenya and South Africa by the end of next year. A collaboration with Flutterwave, an African fintech company focused on providing payment infrastructure to global merchants and payment service providers across the continent, has been formed to achieve this goal, with Brass serving as the lead partner.

Also, Brass intends to diversify its customer base by expanding its product offerings in its markets, with a particular emphasis on the credit space.