Paystack and PiggyVest join forces in Brass acquisition
- Nigerian digital bank for small businesses, Brass, has been acquired by an investment group led by Paystack.
- The co-founders of Brass, Sola Akindolu and Emmanuel Okeke, will be exiting the business.
- The acquisition comes after Brass disabled withdrawals for customers due to a funding freeze.
The acquisition of Brass by Paystack and other investors presents an opportunity for growth and expansion in the digital banking sector for small businesses in Nigeria. However, the reported debt on Brass' balance sheet raises concerns about the financial stability of the company and the potential liabilities that the new owners may have to address.
