Paystack, along with members like Piggyvest, Ventures platform, and P1 Ventures, has decided to acquire Brass, a Nigerian fintech app. This happened after Brass had difficulty processing customer withdrawals in late 2023 and recently laid off its staff due to the current economic situation in Nigeria.
Following the acquisition, Bass co-founders Sola Akindolu and Emmanuel Okeke, along with the head of product, will be replaced by a new leadership team.
The acquisition aims to revive Brass and continue its mission to support African entrepreneurs.
This move is important as it saves Brass from potential closure after facing financial difficulties. With Paystack’s strong financial service background and the VC firms’ investment and growth expertise, Brass now has the opportunity to turn its fortunes around with new capital and expertise from its new owners.