Paystack-led investors and other investors, including PiggyVest, Ventures Platform, and P1 Ventures, have acquired Nigerian banking startup Brass. Other participant in the acquisition is angel investor Olumide Soyombo. Paystack and Brass announced the acquisition in separate statements on Tuesday.
Founded four years ago by Sola Akindolu and Emmanuel Okeke, Brass began its startup journey committed to providing essential financial tools to small and medium-sized enterprises (SMEs).
Despite its aspirations, Brass faced several challenges, including funding constraints and withdrawal delays, which drew criticism and concern from its users and other industry actors.
These challenges have revealed the complexities of operating a fintech startup in a harsh Nigerian ecosystem. Nevertheless, Brass is geared up for a new and fresh chapter.
The acquisition by Paystack and its consortium partners, including Piggytech, Ventures Platform, and P1 Ventures, represents a new chapter for Brass. As Akindolu noted, “Following the acquisition, Brass will continue to build and support its customers and grow with a new leadership team.”
