The Nigerian business banking startup Brass has been acquired by a consortium of investors led by payment fintech company Paystack. Other investors include PiggyVest, Ventures Platform, and P1 Ventures.
Founder and CEO Sola Akindolu and CTO Emmanuel Okeke will reportedly depart the company.
The company had been facing uncertainty after issues with delays in processing customer withdrawals began in October 2023 with brought up concerns of liquidity issues.
The company held talks with investors for a round of debt financing in the area of $300,000 to $500,000 to allow it to remain operational.
Brass raised $1.7 million in 2021 to address the heavily underserved banking needs of local entrepreneurs, traders, and fast-growing businesses in Nigeria. The funding round included Flutterwave, Paystack, Hustle Fund, Acuity Ventures, Uncovered Fund, and Ventures Platform.
