For many small businesses in Nigeria, managing money can be just as challenging as making it. Opening business accounts, receiving payments, paying workers, tracking expenses and accessing credit can involve complicated processes and high costs.
Brass entered this space with the goal of making financial management easier for businesses through technology.
Inside Brass
Brass is a Nigerian fintech company launched in 2020 by Sola Akindolu and Emmanuel Okeke.
The founders brought experience from Nigeria’s growing technology and fintech industry. Their idea was to create a digital financial platform designed around the everyday needs of businesses.
Instead of forcing entrepreneurs to use separate platforms for banking, payments, invoices, payroll and other financial activities, Brass aimed to bring many of these services together.
The platform offered business accounts and financial tools that allowed entrepreneurs to manage their operations digitally.
Over time, Brass expanded its services to include payments, expense management, payroll, invoicing and business financing.
Why Brass Was Built
Brass was created to address a problem many Nigerian entrepreneurs understand: accessing reliable and convenient financial services can be difficult for small businesses.
Traditional banking systems have often required businesses to deal with paperwork, physical branches and lengthy processes.
For a small company trying to grow, these difficulties can consume valuable time.
Brass attempted to remove some of those barriers by giving businesses digital access to financial services.
The company also moved into business lending through Brass Capital, providing financing to companies that needed additional working capital.
Its approach reflected a broader trend in Nigeria’s fintech industry, where startups have increasingly used technology to provide services traditionally dominated by banks.
The Business Behind Brass
Brass did not depend mainly on advertising or delivery fees to generate income.
Instead, its business model was connected to the financial services used by its customers.
The company generated revenue through areas such as credit and API services, while its wider product offering created additional opportunities to earn from business transactions and financial services.
This model allowed Brass to grow alongside the businesses using its platform.
The more financial activities a business managed through the platform, the greater the opportunity for Brass to generate revenue.
The strategy was therefore based on building a long-term relationship with business customers rather than simply charging them for access to an application.
A Journey of Growth
Brass attracted investors relatively early in its journey.
In 2021, the company raised $1.7 million in a funding round led by Ventures Platform, with participation from Hustle Fund, Acuity Ventures and Uncovered Fund.
The funding gave the startup resources to expand its products and strengthen its operations.
At the time, Brass had more than 5,000 customers, ranging from schools and restaurants to malls and fintech companies.
The company had also provided more than $2 million in credit and was developing Brass Capital as part of its financing offering.
Brass later attracted interest from major players in Nigeria’s technology ecosystem.
In 2024, a consortium led by Paystack, alongside investors including PiggyVest, Ventures Platform and P1 Ventures, acquired Brass.
The acquisition marked an important change in the company’s journey, moving it from an independent startup toward integration with a larger financial technology ecosystem.
Where Brass Faced Pressure
Like many fintech companies, Brass operated in a highly competitive market.
It had to compete with established banks, digital banks and other fintech companies offering financial services to businesses.
Regulation was another major challenge. Financial companies must comply with strict rules covering payments, banking, customer protection and financial operations.
Brass also experienced operational difficulties that affected customer confidence.
In 2023 and early 2024, some customers reported difficulties accessing funds and making withdrawals. The problems created pressure around the company’s operations and eventually preceded its acquisition.
These events demonstrated an important reality about fintech: technology alone cannot guarantee business success.
A financial platform must also maintain strong infrastructure, liquidity, compliance systems and customer trust.
What Comes Next for Brass
Brass’ journey has continued to evolve following its acquisition by Paystack.
In 2026, Brass announced that its business banking operations would move into Paystack Microfinance Bank, ending Brass’ operation as an independent business banking entity.
The move provides a new chapter for the products and customers that were built around the Brass platform.
Rather than viewing the story simply as the rise and fall of a startup, Brass provides an example of how the African fintech ecosystem is changing.
Startups can develop independently, attract investors, face challenges and eventually become part of larger financial platforms.
Lessons From the Journey
The Brass story offers valuable lessons for entrepreneurs.
First, start with a clear problem. Brass identified difficulties businesses faced with financial management and built its product around those needs.
Second, build something customers actually need. Financial tools become valuable when they solve everyday problems rather than simply introducing new technology.
Third, growth must be sustainable. Funding can help a startup expand, but strong financial management, reliable infrastructure and customer trust are equally important.
Finally, entrepreneurs should understand that adaptability is part of business survival. Brass’ transition through acquisition and integration shows that the future of a startup may not always follow its original plan.
For Nigerian entrepreneurs, Brass remains an important case study in fintech innovation, funding, competition and the realities of building a technology-driven financial business.
