Nigerian Fintech startup Brass has temporarily suspended part of its workforce, as part of a restructuring plan to navigate the current economic challenges.
This was disclosed by the startup CEO Sola Akindolu on X (formerly Twitter), stating that the move was necessitated as the company looks to reset itself and rebuild for the current economic realities. He believes that this move will ensure to support the company’s sustainability and growth.
In his words,
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“For almost 4 years since we launched, we have been building best-in-class financial products for Nigerian businesses, and have since then, extended our services to individuals and families. We have since raised $2m, and have continued to build and grow through the changing times. We have added some of the kindest and smartest people I have been privileged to work with, and they have all played important roles in building today’s Brass.
“In the last few months, however, the local economy has really changed significantly, impacting our plans. Over the next couple of days, Brass will be moving some of its employees to furlough as it resets itself and rebuilds for the current economic realities. This is really sad for us. During this time, we would continue to provide impacted colleagues with health insurance coverage and other benefits until we are able to bring them back in the following months, so they can continue to do their best work with us.”
Akindolu further disclosed that Brass employee experience lead, alongside the co-founder and CTO will be leading this process with one-on-one calls and ensuring it provides every kind of support to everyone impacted.
With plans to temporarily disengage some part of its workforce, it however remains unclear the number of people that would be impacted by this move.
Founded in 2020 by Sola Akindolu and Emmanuel Okeke, the duo started Brass with the simple belief that businesses everywhere can have access to top-end money operations and cashflow services to ensure they can finance their business growth with cheaper and easy-to-access financing throughout their lifetime.
Brass provides simple, yet powerful current account services, tools, and support to help you grow your business. With Brass, users can open a free account for their business in 10 minutes. In October 2021, the company secured a $1.7 million funding round to scale its offerings for “local entrepreneurs, traders, and fast-growing businesses.
The startup products today help thousands of businesses do better with their money operations, from accepting payments to taking care of supplier payments. Brass’s mission is to empower local businesses with the right tools to help them succeed and grow at a very low cost.