Brass, a Nigerian digital bank that enables small and medium-sized enterprises to get access to upscale banking services recently announced that they have acquired funding of $1.7 million to expand its business in Kenya and South Africa, according to media reports.
The funding round was led by Ventures Platform and saw other participants like Hustle Fund, Acuity Ventures, Uncovered Funds, Olugbenga Agboola- CEO of Flutterstack and Ezra Olubi, CEO of Paystack.
One of the major challenges faced by small and medium-sized enterprises in Africa is access to complete banking solutions. Established in 2020, Brass provides small and medium-sized businesses with banking services that allow them to gain greater understanding and control over their money along with the ability to scale their business.
Sola Akindolu, co-founder and chief executive officer of Brass told the media, “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 $5.1trillion credit gap globally, our work is far from over.
“This is why we’re delighted to welcome on board 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.”
Till now, Brass has served thousands of businesses and helped disburse over $2 million in credit in 6 months of use. The company’s capital offers cash flow financing services to support fast-growing businesses and has over 5000 customers ranging from malls, schools, and restaurants, and fintechs like Mono and Eden.