A Nigerian banking startup, Brass, has been acquired by Paystack-led investors and other investors, including PiggyVest, Ventures Platform, and P1 Ventures.
This comes after the firm raised bridge financing to solve challenges with working capital.
Ventures Platform, a Venture Capital firm, facilitated the conversations and believed the deal had to happen. “We’re excited to act as new stewards for Brass’ mission: to enable entrepreneurship for Africans, making it more frictionless, and successful,” investors said.
Co-founder and chief executive officer, Sola Akindolu, and cofounder, and chief technology officer, Emmanuel Okeke,will be leaving following the acquisition. Tolulope Saba, the head of Product, will also leave to be replaced by a new leadership team yet to be disclosed. All other Brass employees will keep their jobs.
This acquisition ends months of uncertainty over Brass’s future. Delays in processing customer withdrawals began in October 2023, sparking liquidity concerns and rumours of a shutdown.
