Brass, a Nigerian business banking startup, will cease operating as an independent company and transfer its customers to Paystack Microfinance Bank (MFB) as part of a strategic transition.
In a statement on Monday, Brass said interested customers would be migrated into Paystack MFB before July 31, 2026, as the company integrates its business banking operations into Paystack’s regulated banking infrastructure.
“Brass will move its business banking into Paystack MFB. As part of this transition, Brass will no longer operate as an independent entity,” the company said in the statement.
In May 2024, a Paystack-led consortium acquired Brass for an undisclosed amount in a deal that saved the company, which was plagued by a liquidity crisis. Others in the consortium that rescued the firm include PiggyVest, Ventures Platform, and P1 Ventures.
Founded in 2020 by Mr Sola Akindolu and Mr Emmanuel Okeke, Brass built a digital banking platform for small businesses, offering business accounts, payroll tools, expense management, and cash-flow tracking.
Three years after it was established, it faced a crisis that saw it struggle to process customer withdrawals, prompting complaints from several entities who could not access their company funds and raising concerns about trust in digital financial services.
The new ownership saw an overhaul as well as some changes, which included co-founders Mr Akindolu and Mr Okeke exiting the business.
In the announcement, Brass said the months following the acquisition were spent rebuilding internal systems and operational processes under a new leadership team led by Mr Philip Obosi and Mr Yvonne Obike.
“As we rebuilt and as our platform became more mature, something became increasingly clear,” the company said. “The next phase of our growth could not be achieved alone.”
“This transition marks a new chapter, with even greater capability for the businesses we serve. And this is only the beginning,” the statement added.