Brass is a fintech company in Nigeria that provides banking and business services to SMEs. Brass raised up to $2m in 2021 to foster this service however, the business took another turn around October 2023 revoking clients ability to withdraw their money.
The fintech startup blamed investors who refused to send in the funds they were to invest and the customers who kept on withdrawing their funds which left them with little funds.
“The funding winter and the economic situation in Nigeria affect the abilities of companies of our kind to support many customers after some time,” said Sola Akindolu, the company’s CEO
Last week, the fintech company seemed to have gotten a deal of debt and equity which will allow the company to pay back its clients what it owed them.
Fintech leaders showed up for Brass at these trying times and one investor even said “The ultimate goal of this investment is service delivery”
In an email shared earlier, Sola the CEO of Brass apologized to customers and told them they can now withdraw their funds, he urged them to stay with them but also acknowledged that it is very okay if the customers have found alternatives.
A snippet of the email reads “We have reset all pending transactions, and funds have been returned to your account balance. We’re aware that you might already have found alternate solutions during the delay, but if you still need to make a transaction, kindly re-initiate it from your Dashboard – it’ll be processed very quickly.” While apologizing for the delays in the first place.
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