Brass, the Nigerian business-banking startup, is moving its operations to Paystack Microfinance Bank and will cease operating as an independent company.
The company announced on 1 June 2026 that it would migrate customers to Paystack MFB by 31 July 2026.
From acquisition to absorption
The move completes a takeover that began in May 2024, when a consortium led by Nigerian fintech Paystack, alongside PiggyVest, Ventures Platform and P1 Ventures, acquired Brass for an undisclosed sum. The business has since been rebuilt under new leadership, with Philip Obosi and Yvonne Obike moving its systems onto the Paystack MFB platform.
The next phase of our growth could not be achieved alone. It required deeper infrastructure, broader capabilities, and a platform already trusted by businesses across Africa,” the Brass team said.
What changes for customers
Brass said customers would be moved across “in the least disruptive way possible” and contacted individually about next steps. Paystack MFB, a licensed microfinance bank, will carry over the core tools Brass offered: account management, payouts, expense tracking and money transfers.
Brass built banking and cash-flow tools for small and medium businesses, a segment also targeted by rivals such as Kippa, but faced a tough funding climate. The Paystack-led deal in 2024 kept it running; folding it into Paystack MFB now consolidates the two onto a single licensed platform.
The consolidation underscores a tougher climate for standalone business-banking startups in Nigeria, where funding has tightened, and licensed platforms with scale increasingly hold the advantage.
The migration runs to 31 July 2026, after which Brass ceases to operate as a standalone brand.
Leave a Reply