Nigerian fintech startup Brass is gearing up for a public relaunch this month, Techpoint Africa has learned.
The company, which offers banking services to small and medium-sized businesses in Nigeria, encountered severe operational challenges in 2023. Customers reported difficulties accessing their deposits, and by mid-2024, the company had completely halted withdrawals.
Following the acquisition led by Paystack, co-founders Sola Akindolu and Emmanuel Okeke exited the company. Sources reveal that they did not receive any financial compensation from the deal. Instead, the new owners assumed the burden of refinancing customer defaults that had strained Brass’s financial health.
To stabilise the company post-acquisition, Paystack seconded three employees to Brass to oversee operations. However, all three employees declined the opportunity to stay on permanently. In response, a new CEO was appointed to lead the turnaround efforts.
As part of an operational overhaul, existing Brass employees were required to reapply for their positions, resulting in some layoffs. While both PiggyVest and Paystack were involved in the acquisition, Paystack has played a more active role in restructuring the company, leveraging its expertise in payments. PiggyVest, however, maintains a board seat.
Under new leadership, Brass has undergone a significant transformation, including a rebranding to Copper Brass.
Since the acquisition, the company has implemented two rounds of layoffs, the most recent occurring in December 2024. Sources suggest these layoffs were essential to streamline operations, as many roles were deemed redundant while the company rebuilt its internal systems. At the time of acquisition, Brass had over 60 employees; today, fewer than 20 remain.
Before the acquisition, Brass operated as a remote-first company. That policy has now changed, with employees expected to work from the office more frequently. The reduced team size has led to increased workloads, with employees required to work extended hours, including during holidays. Some employees resigned over these demands during the 2024 Christmas holidays, while others who failed to comply were dismissed.
While Brass remains operational, it is not actively onboarding new users. Instead, the company is focusing on enhancing its platform and ensuring it can reliably serve its existing customers. However, it has not completely shut its doors to new users.
Brass did not respond to requests for comment by the time of publication.
The company initially planned to relaunch publicly in October 2024, but that timeline was pushed back in favour of a Q1 2025 launch. As part of its relaunch strategy, the company is working on a rebranding campaign aimed at regaining the trust of both existing and prospective customers.
Before the acquisition, it had raised over $1.7 million from investors, including Acuity Ventures, Hustle Fund, and angel investors such as Paystack CTO Ezra Olubi and Flutterwave CEO Olugbenga Agboola. It remains unclear whether Brass plans to raise additional funding soon.
