Brass banking Nigeria acquired by Paystack and co

Brass Banking acquisition lead by Paystack and Piggyvest is the newest development in the Nigeria startup world today. The company is into business banking and the difficulty of running such business in Nigeria is probably the reason for accepting the acquisition offer.  They are in a cash-hole, they want to stay in business, they tried to raise money and all but they had to sell. They will now be part of Paystack and co. 

“We’re excited to act as new stewards for Brass’ mission: to enable entrepreneurship for Africans, making it more frictionless, and successful,” the investors told TechCabal in an email.

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Two people familiar with the company’s finances claim there was a ₦2 billion hole in Brass’s balance sheet. The same people said the company’s leadership could not account for how the money was spent. 

“Like many businesses, Brass faced headwinds within the last few months given the difficult business environment,” the investors said in response to questions about those liabilities. 

“With a healthy investment of new capital, Brass is in an incredible position to deliver a world-class financial operations stack for businesses in Africa.”

TC