Business Banking Startup Brass Joins Forces with Paystack

A once-promising fintech startup, Brass, is set to operate under the umbrella of Paystack Microfinance Bank following a two-year rescue effort. The integration marks the end of Brass’s journey as an independent entity.

From High Hopes to Financial Challenges

Founded in July 2020 by Sola Akindolu and Emmanuel Okeke, Brass quickly gained traction with its digital banking platform tailored for African SMEs. In October 2021, the startup secured $1.7 million in funding from prominent investors including Flutterwave CEO Olugbenga “GB” Agboola and Paystack co-founder Ezra Olubi.

However, by late 2023, Brass faced liquidity concerns as customers reported withdrawal delays. In March 2024, the company furloughed employees citing economic headwinds. Despite a May 2024 acquisition by a consortium led by Paystack, challenges remained with some investors pointing to unaccounted liabilities.

Integration Plans and Future Outlook

Brass customers will be migrated to Paystack MFB before July 31, 2026, allowing them access to a broader range of financial services under a regulated banking framework. This move signifies a strategic expansion for Paystack beyond payments processing into full-service digital finance.

The integration reflects a maturing trend in Africa’s fintech landscape where consolidation is accelerating amid tighter capital markets and increased regulatory scrutiny. After years of parallel innovation, companies are finding strength through partnerships and acquisitions to navigate the evolving financial ecosystem.