Brass, a Nigerian business banking startup, has announced it will cease operating as an independent company and migrate its customers into Paystack Microfinance Bank (Paystack MFB) by July 31, 2026. The move marks the final chapter in one of Nigeria’s most closely watched fintech rescue deals, as Brass integrates its operations into Paystack’s regulated banking infrastructure. Founded in 2020, Brass had positioned itself as a modern banking layer for African businesses before a liquidity crisis in 2024 threatened its survival.
The transition follows the 2024 acquisition of Brass by a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures. That deal was aimed at stabilising Brass’s operations and preventing a wider confidence crisis in Nigeria’s fintech sector after customer withdrawal delays raised concerns about trust in digital banking. Brass co-founders Sola Akindolu and Emmanuel Okeke exited the company after the acquisition, with new leadership under Philip Obosi and Yvonne Obike overseeing a restructuring of systems and processes.
In its statement, Brass described the migration as a continuation rather than an ending, noting that “the next phase of our growth could not be achieved alone.” For Paystack, which was acquired by Stripe in 2020, the integration strengthens its expansion beyond payments into broader financial services. Paystack MFB already offers treasury, transfers, and business banking, making Brass’s accounts and tools a natural fit within its infrastructure.