← Embedded Finance Index 2026

Brass

“Can a digital business bank for Nigerian SMBs survive as an independent brand, or does it become raw material for Paystack's push beyond payments into full-stack banking?”

Founded2020
HQLagos, Nigeria
FoundersSola Akindolu, Emmanuel Okeke
Total raised$1.7M+ (disclosed)
Latest roundAcquired by Paystack-led investor group (May 2024)
IndustryFintech / SMB banking
The story

Founded 2020 as a Nigerian digital business bank for SMBs, Brass raised a $1.7M seed in 2021 to scale banking services for local entrepreneurs and traders. Following near-collapse rumours in early 2024, Brass was acquired in May 2024 by an investor group led by Paystack (with PiggyVest, Ventures Platform, and others), with both co-founders exiting. In 2026 Paystack folded Brass into its new Paystack MFB entity — built on the Ladder Microfinance Bank licence Paystack acquired — effectively sunsetting Brass as a standalone brand and migrating active customers by July 31, 2026.

Last 12 months
2024-05
2026-01
2026
Product timeline
2020
Brass founded by Sola Akindolu (ex-Kudi) and Emmanuel Okeke (ex-Paystack) to provide banking services to Nigerian SMBs.· banking
2021
Raised $1.7M seed round led by Ventures Platform and Hustle Fund.· banking
2024
Acquired by an investor group led by Paystack (with PiggyVest, Ventures Platform, P1 Ventures); co-founders Akindolu and Okeke exit.· acquisition
2026
Brass shut down; existing customers migrated to Paystack MFB (following Paystack's acquisition of Ladder Microfinance Bank) or given the option to close accounts by July 31, 2026.· pivot
The stack
2 layers disclosed in Brass’s embedded-finance stack
Banking / BaaS
Paystack MFB (in-house, post-acquisition)
Lending
in the full report
Accounting gap: none
2 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.