Paystack provides a payment tool used by numerous businesses globally to process transactions. However, payments are only one component of a business's financial operations. According to Paystack, businesses in Africa often require various financial tools, including payroll and expense management systems, such as those developed by Brass, a Nigeria-based company.
Facing challenges stemming from global economic conditions, Brass resorted to debt financing to manage customer withdrawals. The acquisition was aimed at addressing liquidity concerns and preventing potential closure. Brass offers SMEs a comprehensive banking service designed for different business segments, facilitating enhanced financial management and scalability.
Officials from Brass brought up the company’s contribution to Nigeria's SMB sector, expressing optimism for its future under new leadership. In turn, representatives from Paystack highlighted the longstanding collaboration between the two companies, welcoming the acquisition as a new phase of growth supported by the consortium's expertise and capital infusion.
Brass and Paystack have maintained a professional relationship since Brass was established, and the acquisition marks a new phase in this collaboration. The investment group includes PiggyVest, Ventures Platform, P1 Ventures, and individual investors Oo Nwoye and Olumide Soyombo.
The members of this investment group bring extensive experience in financing and developing financial service products. This acquisition aims to support the growth and development of Brass with the new capital investment.
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