Nigerian business banking startup Brass, once under fire for delayed withdrawals, has secured a lifeline. A group of investors, recognizing Brass’s value to customers, stepped in with a combined debt and equity injection. This much-needed capital arrives after a turbulent period that saw employee furloughs and frustrated customers.
The investment aims to restore normalcy. Brass assures customers that “transactions are working seamlessly once again,” evidenced by successful withdrawals reported on Tuesday. This positive development follows a difficult period that began in October 2023 when a major Nigerian fintech partner pulled out, leaving Brass strained.
Brass explored several options to weather the storm. Acquisition talks with Flutterwave, another prominent fintech player, did not materialize. Similarly, attempts to secure funding from Moniepoint proved unsuccessful. However, collaboration within the Nigerian fintech industry proved crucial. Recognizing Brass’s potential, other leaders reportedly joined forces to ensure its survival.
With this new investment, Brass appears to be back on solid footing. Customers can breathe a sigh of relief, and the startup can focus on delivering the services they value.
