Nigerian fintech startup Brass is gearing up for a public relaunch this month, following a tumultuous period that saw the company face severe operational challenges, a change in leadership, and a significant reduction in staff.

In 2023, Brass encountered difficulties, including customers struggling to access their deposits, and by mid-2024, the company had halted withdrawals entirely.

This led to an acquisition led by Paystack, which saw co-founders Sola Akindolu and Emmanuel Okeke exit the company without receiving any financial compensation.

As part of the acquisition, Paystack seconded three employees to oversee operations, but all three declined to stay on permanently. A new CEO was subsequently appointed to lead the turnaround efforts.

Under new leadership, Brass has undergone a significant transformation, including a rebranding to Copper Brass. The company has implemented two rounds of layoffs, with the most recent occurring in December 2024, reducing the staff from over 60 to fewer than 20.

Brass has shifted from a remote-first company to one that requires employees to work from the office more frequently. The reduced team size has led to increased workloads, with employees working extended hours, including during holidays.

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.

As part of its relaunch strategy, Brass is working on a rebranding campaign aimed at regaining the trust of both existing and prospective customers.

The company had previously 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.