Nigerian business banking startup Brass has announced plans to cease operating as an independent company, with its customers set to be migrated to Paystack Microfinance Bank (Paystack MFB) as part of a broader integration into Paystack’s banking infrastructure.
The company disclosed on Monday that interested customers would be transitioned to Paystack MFB before July 31, 2026, marking the final phase of a rescue and restructuring process that began two years ago.
According to Brass, the move will see its business banking operations fully absorbed into Paystack MFB’s regulated banking framework.
“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 stated.
The development brings to a close a turbulent chapter for the fintech startup, which was once regarded as a promising digital banking platform for African businesses. Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass offered business accounts, payroll solutions, expense management tools, and cash-flow tracking services tailored to startups and small businesses.
However, the company faced significant challenges in late 2023 after customers reported delays in accessing funds and processing withdrawals, raising concerns across Nigeria’s fintech ecosystem about confidence in digital banking platforms.
In May 2024, a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures, acquired Brass in a bid to stabilize operations and protect customer funds. The acquisition resulted in a major restructuring of the company and the exit of its co-founders.
Brass said the period following the acquisition was dedicated to rebuilding internal systems and strengthening operational processes under a new leadership team led by Philip Obosi and Yvonne Obike.
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“As we rebuilt and as our platform became more mature, something became increasingly clear. The next phase of our growth could not be achieved alone,” the company noted.
For Paystack, which was acquired by Stripe in 2020, the integration represents a significant step in its expansion beyond payments into broader financial services for businesses. Earlier this year, Paystack strengthened its banking ambitions by acquiring Ladder Microfinance Bank, paving the way for the launch of Paystack MFB.
Industry observers say the move reflects a broader trend of consolidation across Africa’s fintech landscape, as startups increasingly pursue mergers, acquisitions, and strategic partnerships amid tighter funding conditions and heightened regulatory oversight. A similar development occurred in January when Flutterwave acquired Mono, an open banking startup.
Despite ending its independent operations, Brass described the transition as the beginning of a new phase for its customers and business banking services.
“This transition marks a new chapter, with even greater capability for the businesses we serve,” the company said.
