Nigerian fintech startup Brass is gearing up for a public relaunch this month, Techpoint Africa has learned.
The company, which offers banking services to small and medium-sized businesses in Nigeria, encountered severe operational challenges in 2023. Customers reported difficulties accessing their deposits, and by mid-2024, the company had completely halted withdrawals.
Following the acquisition led by Paystack, co-founders Sola Akindolu and Emmanuel Okeke exited the company. Sources reveal that they did not receive any financial compensation from the deal. Instead, the new owners assumed the burden of refinancing customer defaults that had strained Brass”s financial health.