Nigerian Digital Bank Start-up, Brass Banking raises $1.7 Million Funding Round

Nigerian fintech Brass Banking tackling these challenges by providing banking services to small and medium businesses has recently secured a $1.7 million funding round to scale its offerings for “local entrepreneurs, traders, and fast-growing businesses.”

Brass Banking company was founded by Sola Akindolu and Emmanuel Okeke in July 2020. Before Brass, CEO Akindolu was the head of product at YC-backed Kudi, while CTO Okeke was an engineering manager at Stripe subsidiary Paystack.

Brass has helped thousands of businesses to date, and has disbursed over $2 million in credit, and has recently introduced Brass Capital, a cash-flow financing solution to help even more fast-growing businesses. Many of Brass’ clients utilize the platform as their primary money operation service provider, including Send.ng, Mono, and Eden, as well as restaurants, schools, and malls. Flutterwave has also partnered with Brass to help it expand across Africa.

Participants in this funding round for Brass Banking included Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund, and Ventures Platform.

At Brass, we’ve made some great strides over the last year in tackling one of Africa’s most critically underserved customer bases but with an estimated $5.1tn credit gap globally, our work is far from over. This is why we’re delighted to welcome onboard a number of vastly experienced and strategic investors, whose expertise will not only play a vital role ahead of our expansion into South Africa and Kenya, but also in our future ambitions outside of the continent.

Commenting on the fundraise, Sola Akindolu, Co-Founder and CEO of Brass, says, “

Brass will use the new funding to accelerate its expansion into South Africa and Kenya, as well as to launch a number of new product categories, including an expansion of the startup’s credit market presence as it seeks to broaden its customer base.