“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?”
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.
Brass discloses Paystack MFB (in-house, post-acquisition) as its banking provider, according to the Embedded Finance Index 2026.
Brass does not disclose a bank charter of its own; its banking services are provided through Paystack MFB (in-house, post-acquisition).
Brass's lending and capital products are provided by Brass Capital (in-house).
The Embedded Finance Index 2026 maps 2 layers in Brass's stack: Banking / BaaS (Paystack MFB (in-house, post-acquisition)); Lending (Brass Capital (in-house) and Brass Capital).
Brass was founded by Sola Akindolu and Emmanuel Okeke and is founded in 2020, headquartered in Lagos, Nigeria.
Brass has raised $1.7M+ (disclosed) in total (latest round: Acquired by Paystack-led investor group (May 2024)).
Get a read on where your own stack stands against Brass and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.