Brass

Business banking tools to pay, invoice, and track cash flow

Epitaph

“Here lies Brass. It gave Nigerian businesses current accounts and cash-flow tools, then became the banking equivalent of a merger. Paystack kept the business alive. The Brass name was written off.”

Overview

Born: 2020 (Year)
Died: June 2026 (Month)
Lifespan: 6 years
Fate: Rebranded or absorbed
Headquarters: 🇳🇬 Nigeria
Category: Fintech
Stage at death: Seed
Primary cause: Funding or runway
Contributing causes: Execution, Acquisition or strategy change

Death certificate

Timeline

2020Founded
Brass launches as a Nigerian SME digital banking platform, founded by Sola Akindolu and Emmanuel Okeke
October 2023Withdrawal delays begin
customers start experiencing delays accessing funds, signaling a liquidity crisis
May 2024Rescue acquisition
a Paystack-led consortium including PiggyVest, Ventures Platform and P1 Ventures acquires Brass
June 2026Full absorption
Brass is fully integrated into Paystack MFB and ceases to exist as an independent company
July 2026Migration deadline
customers given until July 31, 2026 to migrate to Paystack MFB

Autopsy report

Why did Brass shut down?

Nigerian SME banking fintech Brass, which had been in a rescue process since a 2024 liquidity crisis and acquisition by a Paystack-led consortium, was fully absorbed into Paystack Microfinance Bank on June 1, 2026, ending its life as an independent company. [graveyard-sheet-seed]

What Brass attempted

Brass built premium digital banking software for Nigerian SMEs, offering business current accounts and cash-flow analytics as an alternative to traditional bank SME offerings.

What worked

Unknown (no specific traction figures found in sourced coverage).

Early warning signs

By late 2023 Brass began experiencing delays in processing customer withdrawals; multiple founders publicly complained about difficulty accessing company funds, fueling fears of a wider confidence crisis in Nigerian fintech.

What happened

Brass hit a liquidity crisis in 2024 marked by withdrawal delays starting October 2023. In May 2024 a Paystack-led consortium (with PiggyVest, Ventures Platform and P1 Ventures) acquired the company in a rescue deal. After a roughly two-year rescue effort, Brass was fully integrated into Paystack Microfinance Bank on June 1, 2026, ceasing to operate as an independent entity, with customers given until July 31, 2026 to migrate.

Lessons for future builders

Fintech growth cannot outrun liquidity management and customer trust. Build conservative treasury controls before withdrawal delays turn an operational problem into a confidence crisis.