SharePaystack, a prominent Nigerian fintech company, led an investment group to acquire Brass, a digital bank serving small businesses in Nigeria. The acquisition marks a significant transition for Brass, as its co-founders, Sola Akindolu and Emmanuel Okeke, will be exiting the business. The fresh capital injection in March 2024 allowed Brass to resume processing withdrawals for affected businesses, paving the way for the acquisition. Paystack, on the other hand, has built payment tools for businesses across Africa, potentially providing a customer pipeline for Brass. Nevertheless, the acquisition represents a strategic move for the investment group, allowing them to tap into the growing digital banking market for small businesses in Nigeria.
