Fintech Startup Brass Furloughs Employees Amid Economic Challenges

Ikenna ChurchillMarch 5, 20241 Mins read1.1k

Fintech startup Brass has announced its decision to furlough an undisclosed number of its employees temporarily due to prevailing economic challenges. CEO Sola Akindolu revealed this move on Monday, citing the company’s struggle to navigate the current economic landscape despite having raised $2 million in funding over the past four years.

While Brass currently employs around 50 people, the exact number of individuals affected by the furlough remains unclear. Akindolu attributed this decision to the recent changes in the local economy, which have disrupted the company’s plans.

During this transitional period, Brass has pledged to continue providing health insurance coverage and other benefits to affected employees until they can be reinstated. Akindolu emphasised the company’s commitment to supporting its workforce, with dedicated efforts led by the employee experience lead and co-founder/CTO to offer personalised assistance and facilitate job placements for impacted staff.

Established in July 2020, Brass focuses on addressing payment challenges for small enterprises in Nigeria by offering comprehensive financial services. Akindolu, formerly head of product at YC-backed Kudi, and co-founder/CTO Emmanuel Okeke, previously an engineering manager at Paystack, founded the company.

In October 2021, Brass secured a $1.7 million funding round to expand its offerings for local entrepreneurs and businesses. Notable investors include Ventures Platform, Flutterwave CEO Olugbenga “GB” Agboola, and Paystack co-founder Ezra Olubi.