Nigerian digital banking startup Brass has been acquired by a consortium led by fintech heavyweight Paystack to alleviate liquidity concerns and avoid closure. Like other startups, Brass has been affected by global economic headwinds, and faced liquidity challenges that forced it to take on debt financing in order to process customer withdrawals. It has now been acquired by a consortium led by Paystack, and including Piggytech, Ventures Platform, and P1 Ventures. The consortium will now take on the startup’s assets and liabilities, with Akindolu and Okeke leaving the business. Brass has grown tremendously since we started this incredible journey, and it continues to be an important player in Nigeria’s SMB economy,” said Akindolu.
