Brass banking startup shutting down, customers migrate to Paystack MFB

Brass, a Nigerian business banking startup founded in 2020, will cease operations as an independent company and migrate all customers to Paystack Microfinance Bank before July 31, 2026. The shutdown ends a turbulent two-year period that began with a liquidity crisis in 2024 that threatened the startup's survival.

Brass, which offered business accounts, payroll tools, expense management, and cash-flow tracking services to small businesses, experienced withdrawal delays by October 2023. In May 2024, a consortium led by Paystack—alongside PiggyVest, Ventures Platform, and P1 Ventures—acquired the company to stabilize operations and prevent a confidence crisis in Nigeria's fintech sector. Co-founders Sola Akindolu and Emmanuel Okeke exited the business following the acquisition.

The migration affects all current Brass customers who will need to transition their business banking services to Paystack MFB by the July deadline. Paystack, which was acquired by Stripe in 2020, entered Nigeria's banking sector earlier this year with the acquisition of Ladder Microfinance Bank, making Brass's services a natural fit within its existing regulated banking infrastructure. Customers should expect detailed communication about the migration process over the coming weeks.

SOURCE: https://techcabal.com/2026/06/01/brass-moves-to-paystack-mfb/