Brass is a business banking startup in Nigeria that provides small and medium enterprises tools and products designed to help them grow. The fintech company was co-founded by Emmanuel Okeke and Sola Akindolu.
These co-founders are leaving the business due to acquisition by a group of investors led by the payments company Paystack. The acquisition deal finalized discussions that probably started in early 2024.
Other investors that participated in the investment include PiggyVest, Ventures Platform, and P1 Ventures. In addition, the new directors of the company are changing it CEO.
Brass Banking is headquartered in Lekki, Lagos Nigeria. According to Crunchbase, Brass has maximum of 10 employees and 8 investors. Brass has raised a total of $1.7M in funding over 2 rounds. Their latest funding was raised on Oct 21, 2021 from a Seed round.
However, two months after securing bridge financing (in March 2024) to address working capital needs, the business banking startup was acquired. The co-founders, whom are also the CEO and CFO of the company will vacate their position in the company.
Brass Banking was founded in 2022 as a digital bank offering a complete toolkit to help small and medium businesses reach their full potential. The fintech company operates under the legal name - Brass Technologies Limited in Nigeria.
In Nigeria, Brass Banking offers the following products and services to help small and medium businesses (SMBs) with their financial operations:
- Current Accounts: Brass provides business current accounts with fast and easy online opening. These accounts are secure with bank-grade security and come with NDIC insurance.
- Payments: Businesses can manage payments easily through Brass, including making instant, scheduled, and recurring payments.
- Invoicing: The platform allows businesses to send, receive, and reconcile invoices all in one place.
- Cashflow Management: Brass offers insights and financial resources to help businesses manage their cash flow effectively.
- Team Banking: This feature enables businesses to collaborate with their team on managing finances through the platform.
- Mobile App: Brass offers a mobile app available on iOS, Android, and Slack for convenient banking on the go. The Brass Banking Mobile apps are available for download on the Google Play Store and Apple App Store.
In addition to these core offerings, Brass also provide access to growth financing and payroll services. The bank said in its official that "banking services are backed by Wema Bank and Titan Trust Bank and regulated by the Central Bank of Nigeria (CBN).
Brass Banking POS Terminal
Brass introduced its POS business in June 2022, making it easy for individuals and businesses to get a POS terminal and start accepting card payments from their customers.
To requesting Brass POS Machine, you'll need to login to your Brass business account, navigate to the terminal module, and click the "+" icon.
Fill out the required information about your business. Once submitted, a Brass team member will contact you to discuss your needs and finalize approval. Approved terminals are deployed within 24-48 business hours.
However, the Brass POS terminal offers a user-friendly dashboard to track your performance. You can view detailed reports on earnings, settlements, and transaction history through the dashboard. You can also download comprehensive transaction statements for a complete financial record.
Furthermore, if you need help regarding your POS or Brass Account, you can simply access real-time support directly from your terminal dashboard. Brass prioritizes customer service and ensures your questions or issues are addressed promptly.
In the aspect of Brass POS Terminal Cost and Charges, an Android-powered Brass POS terminal costs N20,000. Each transaction processed incurs a Merchant Service Charge (MSC) of 0.4%. Additionally, a N50 regulatory charge applies for stamp duty on transactions exceeding N10,000.
In addition, the Brass POS terminal accepts all major Naira debit cards, including Visa, Verve, and Mastercard.
Meanwhile, it's important to note that all transactions are settled instantly and deposited directly into your Brass settlement account, even on weekends and public holidays. And funds on your Brass Accounts are insured by the NDIC.
If you get value from this article, please follow our social media platforms through the links below to get more exclusive contents we post everyday. Cheers!