Nigerian Fintech Raises $1.7 Million To Support SME Loan Facility.

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Nigerian digital bank with focus on delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has secured $1.7 million in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses.

The company in a statement said the Co-founder of Flutterwave, Olugbenga Agboola; Co-founder of Paystack, which has been acquired by Stripe, Ezra Olubi; Hustle Fund; Acuity Ventures; Uncovered Fund and Ventures Platform participated in the financing round.

According to Thisday report, the new funding, it added, will play a key role in accelerating Brass’ expansion into South Africa and Kenya, “just a year after launch, and will kickstart a range of new product categories, including an expansion of the startup’s footprint in the credit market as it bids to diversify its customer range.”

Launched in July 2020 by Sola Akindolu, who was previously the Head of Product at Kudi and Emmanuel Okeke, former Engineering Manager at Paystack, Brass equips SMEs with a full-stack, commercial-grade banking service across various business classes, enabling them to gain greater clarity and control over their money operations and the power to scale their enterprises. The platform currently boasts a comprehensive suite of products tailored to a wide spectrum of business banking needs, including credit and payment services, payroll and expense management, API support and a host of additional core business services.

Commenting on the fundraise, Co-founder and CEO of Brass, Sola Akindolu, said: “The basic needs of Africa’s SMEs are just as significant and unique as those of the customers they serve each day and now more than ever, we need innovative and world-class financial services solutions that meet their expectations. These local businesses have supported our economies for decades, forming the backbone of Africa’s success to-date and now is the time to bet on them.”