The company confirmed on Monday that interested customers will be migrated into Paystack MFB before July 31, 2026, further noting that its business banking operations will now sit within Paystack’s regulated banking system.

“Brass will move its business banking into Paystack MFB,” the company said. “As part of this transition, Brass will no longer operate as an independent entity.”

Brass launched in 2020 with a focus on small and growing businesses. It offered accounts, payroll tools, expense tracking and cash-flow management. Many SMEs used the platform as an alternative to traditional banking systems that was previously slow and rigid.

By late 2023, cracks began to show. Customers reported delays in accessing funds, and issues spread across the startup ecosystem. The challenge around withdrawals affected trust in deposit-like fintech services it offered

Things escalated into a liquidity crisis that placed the company under serious stress. Founders and operators publicly voiced out at the time, as issues grew around customer balances and operational stability.

A rescue deal followed in May 2024, when a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures acquired Brass after months of instability.

At the time, investors described the takeover as a stabilising step, saying they wanted to support the company’s mission and restore confidence in operations. Brass’s co-founders later exited the business after the acquisition.

In Monday’s statement, Brass said the months after the deal focused on rebuilding its systems. New leadership, led by Philip Obosi and Yvonne Obike, took charge of operations and internal processes.

Progress eventually made one direction clearer. “As we rebuilt and as our platform became more mature, something became increasingly clear,” Brass said. “The next phase of our growth could not be achieved alone.”

That path now leads directly into Paystack’s banking infrastructure.

Paystack has expanded steadily beyond payments. In January 2026, it entered Nigeria’s banking space through the acquisition of Ladder Microfinance Bank, which became Paystack Microfinance Bank.

The bank now provides transfers, treasury services and other business banking tools. Brass’s SME-focused products fit into that structure without major adjustment.

Paystack itself, acquired by Stripe in 2020, has continually strengthened its focus on regulated financial services across Africa.

Ever since, however, the sector has changed. During the funding boom between 2020 and 2022, many fintechs built overlapping products and competed for the same business customers. That expansion slowed when capital became tougher to get.

Regulators also increased oversight, especially around deposit-like services and liquidity management. Several companies have since restructured or merged to stay stable.

Consolidation has followed, with Flutterwave acquiring open banking firm Mono earlier in 2026, while Paystack’s absorption of Brass aligns with that pattern of consolidation.

Brass described its exit as a continuation rather than a closure. “This transition marks a new chapter,” the company stated, “with even greater capability for the businesses we serve.”

For SMEs, the migration brings accounts and operations into a regulated banking environment under Paystack MFB. Customers will receive direct communication on next steps ahead of the July 2026 deadline.

Paystack’s payment volume has significantly and rapidly grew. For instance, it was widely reported that the company hit N1 trillion in a single month (July 2024) for the first time in Nigeria, processing millions of transactions across Africa (Nigeria, Ghana, Kenya, etc.), handling major volumes of online payments, and seeing huge growth in bank transfers (over 50% of Nigerian transactions in 2023).

The milestone underscores how the 2020 acquisition, one of the most high-profile fintech deals in Africa at the time, has reshaped Paystack’s scale, reach, and business fundamentals.

From Early-Stage Scale to Infrastructure Giant

At the time of its acquisition by Stripe in 2020, Paystack was widely regarded as one of Africa’s fastest-growing payment startups, serving tens of thousands of businesses across Nigeria and Ghana.

While the company did not publicly disclose its transaction volumes then, industry estimates and ecosystem data suggest Paystack was already processing several billions of dollars annually in payments.

A 12x increase since that period implies that Paystack is now handling tens of billions of dollars in payment volume, placing it firmly among Africa’s largest payment infrastructure providers by throughput.

The company says this rapid scale-up has been achieved without sacrificing reliability, compliance, or product quality, a discipline that has now translated into profitability at the group level.

Stripe’s Role in Accelerating Growth

Stripe’s acquisition of Paystack in 2020 was seen as a strategic bet on Africa’s digital economy and Paystack’s ability to build world-class financial infrastructure tailored to the continent.

Since then, Paystack has expanded beyond its early West African base and is now licensed and operational in Nigeria, Ghana, Kenya, Côte d’Ivoire, and South Africa, with regulatory approvals secured for Egypt and Rwanda. Together, these markets account for roughly 46% of Africa’s GDP.

The company attributes its growth to a product-first expansion strategy, prioritising deep local compliance, merchant experience, and reliability over rapid but shallow market entry.

Holding Company Signals Bigger Ambitions

Riding on its profitability milestone, Paystack has announced the launch of The Stack Group (TSG), a new parent holding company that will aggregate a growing family of technology-driven brands.

Founding shareholders of TSG include Stripe, Shola Akinlade, Paystack’s founder and CEO, and existing Paystack employees.

Agreements establishing TSG as the parent company were signed in October 2025, subject to regulatory approvals.

The move signals a shift from being a single-product payments company to a multi-brand technology group addressing broader challenges faced by African businesses.

At launch, TSG includes:

• Paystack – focused on merchant payments
• Zap – focused on consumer payments
• Paystack Microfinance Bank (MFB) – focused on banking and credit infrastructure
• TSG Labs – focused on emerging technologies and new product development

Deepening the Financial Stack

A key pillar of Paystack’s post-acquisition evolution has been its move deeper into financial infrastructure. The recent launch of Paystack Microfinance Bank (MFB) in Nigeria allows the group to internalise critical banking rails and provide credit and account services to more than 300,000 Nigerian merchants.

According to the company, this integration enables compliant, end-to-end money movement solutions, a crucial requirement for scaling payments across Africa’s fragmented financial systems.

Commenting on the announcement, Shola Akinlade, founder and CEO of Paystack, said the launch of TSG reflects a broader vision shaped by nearly a decade of working with African businesses.

“The launch of TSG signals a larger scope of ambition for us and sets the tone for the next decade of our company. Having worked with thousands of companies across the continent since 2016, it is clear that there are significant opportunities to support businesses beyond payments.”

The announcement comes as Paystack prepares to celebrate its 10-year anniversary in January 2026, marking its evolution from a Lagos-based startup into a profitable, pan-African fintech group backed by one of the world’s most influential payments companies.

• TSG launches as the parent holding company to a family of complementary brands – including Paystack, Paystack MFB, Zap and TSG Labs (a new venture studio/incubator)
• The group reports profitability following >12x payment volume growth since acquisition by global payments giant Stripe 5 years ago; the announcement coincides with Paystack’s 10-year anniversary in January 2026
• The agreements establishing TSG as the parent holding company were signed in October 2025 and are pending the requisite regulatory approvals 
• TSG Labs will also develop products beyond fintech, including AI-led offerings 

Paystack, a company solving payments problems for ambitious businesses in Africa, has announced the launch of The Stack Group (TSG), a parent holding company that will aggregate the tech-focused family of brands connected with Paystack.

The announcement comes barely few days the acquisition Ladder Microfinance Bank which gives the fintech, owned by Stripe, direct control over deposits and lending, areas where small businesses usually face challenges.

TSG Founding shareholders include Stripe, Shola Akinlade, founder and CEO of Paystack, and existing Paystack employees.

The agreements establishing TSG as the parent holding company were signed in October 2025, and are subject to the requisite regulatory approvals.

Since its acquisition by Stripe in 2020, Paystack has grown its payment volume by 12x and is licensed and operational in Côte d’Ivoire, Ghana, Kenya, Nigeria, and South Africa, with regulatory approvals for Egypt and Rwanda, representing ~46% of Africa’s GDP.

This product-first approach to pan-African growth has since led to Paystack becoming profitable at the group level, the company announces today.  

Today’s news follows the recent launch of Paystack MFB in Nigeria. Functioning as a standalone bank, Paystack MFB allows the group to internalise core financial rails and provide the banking and credit infrastructure required by over 300,000 Nigerian merchants.

These capabilities enable the development of elegant, compliant, and much-needed end-to-end money-movement solutions and will continue to power the company’s mission of building technology solutions for Africa, to power African ambition.

Providing a corporate umbrella for a family of complementary brands that innovate in different domains, TSG companies will be united by shared values and deep knowledge of building technology products to solve Africa-specific challenges, while remaining operationally independent. At the outset, TSG will include:

• Paystack –  innovates within merchant payments
• Zap – innovates within consumer payments
• Paystack Microfinance Bank – innovates within banking
• TSG Labs – innovates with emerging technologies and builds new products both within and beyond financial technology

Shola Akinlade, CEO and Paystack Founder, says,

“The launch of TSG signals a larger scope of ambition for us and sets the tone for the next decade of our company. Having worked with thousands of companies across the continent since 2016, it is clear that there are significant opportunities to support businesses beyond payments, and TSG enables us to address the challenges African companies face.  Thank you to the Stripe team for their continued belief in Africa’s potential, and our ability to create transformative technology companies for the continent, and beyond.”

The announcement comes as Paystack celebrates its 10-year anniversary in January 2026.

The round was led by Activant Capital, with participation from Fuel Ventures, Triton Capital, Fabric Ventures, Commerce Ventures, Digital Space Ventures and Preface Ventures. Strategic shareholders include current and former executives from Stripe, Worldpay, Visa, Circle, PayPal, and Google.

Founded by payments industry veterans Tom Greenwood (Volt, IFX) and Eric Queathem (Worldpay, McKinsey & Company), Velocity delivers the financial upgrade global businesses have been waiting for. 

Traditional financial systems were not designed for a multi-asset economy, limiting the seamless integration of digital assets into existing infrastructure. Velocity bridges this gap by providing a platform where businesses can manage fiat and stablecoin transactions in one place, eliminating the need for parallel systems or complex integrations.

Velocity’s Stablecoin Payment Account provides enterprises with a frictionless way to move and manage capital across banks, blockchains, and borders.

Designed for seamless integration, the platform combines the speed and programmability of stablecoins, with the rigour and reliability of traditional finance —- solving real-world challenges in cross-border settlement, liquidity management, and treasury operations.

“This isn’t about replacing the old with the new; it’s about intelligently integrating both,” said Tom Greenwood, co-founder and CEO. “We’re not chasing crypto hype — we’re leveraging stablecoins to remove friction, accelerate settlement, and drive improved performance in real-world financial operations.”

Greenwood previously founded Volt, a leading fintech specialising in real-time payments, and IFX, a prominent foreign exchange and cross-border payments company. Queathem spent nearly a decade at Worldpay, where he led global strategy and growth across both traditional and crypto markets. Together, they bring deep expertise in scaling regulated financial systems globally.

“We’ve experienced first-hand the financial complexity of operating a global business — the fragmentation of providers, the lack of transparency, and the workarounds,” said Eric Queathem, co-founder and president. 

“Velocity is built to eliminate that friction with infrastructure that scales, adapts, and solves the real-world problems large enterprises face every day when moving and managing money around the world.”

Velocity’s funding comes as global momentum builds around regulated stablecoins and digital money. Across major financial markets, including the US, UK, EU, and Singapore, emerging regulatory frameworks are accelerating enterprise adoption and driving demand for infrastructure that connects today’s financial system with tomorrow’s digital economy. 

“Tom and Eric bring the rare technical depth and regulatory fluency needed to build and scale a product like this. We’ve shared this vision for years, and now is the time to bring it to life,” said Andrew Steele, Partner at Activant Capital. 

“Velocity isn’t just solving cross-border payments, it’s rethinking how enterprises manage FX, liquidity, and treasury through stablecoin infrastructure,”

“Velocity is building foundational infrastructure for the future of global finance,” said Shiv Patel, partner at Fuel Ventures. “We backed Tom at Volt, and we’re proud to back him again. Tom and Eric bring unique experience in navigating regulation, scaling enterprise platforms, and solving the real-world operational challenges that define success.”

“We’re proud to support Velocity as a technology partner,” said Ran Goldi, SVP Payments and Network at Fireblocks. “Fireblocks’ recent report on stablecoin trends showed that 90% of market participants are moving forward with stablecoin adoption at pace.

“As demand for digital payment infrastructure accelerates, the market needs trusted, enterprise-ready solutions. Velocity is bringing a thoughtful approach to shaping this next chapter of digital payments.”

This new feature enables appointment providers to connect their Stripe account to Google Calendar, allowing them to set a price for their services and accept payments directly through the booking page.

The integration of paid appointment bookings aims to address common challenges faced by small business owners, such as reducing no-shows and expanding their business opportunities. Requiring upfront payment helps to ensure a higher commitment level from customers and enables businesses to manage their time and payments more efficiently.

Here’s how it works: When creating an appointment schedule in Google Calendar, appointment providers can connect their Stripe account and establish the desired price for their services. The person booking the appointment will then visit the booking page, select their preferred time slot, and provide their credit card information.

It’s important to note that Google Calendar will redirect bookers to Stripe for payment processing. Google does not process or store any payment information, including credit card numbers. Google does not charge any platform fees for this integration. In the event of cancellations or refund requests, providers and bookers will need to handle these directly through the Stripe dashboard, as Google cannot assist with payment or refund issues.

The rollout of this feature will occur in phases, with gradual visibility over a span of up to 15 days. Admin settings began rolling out on July 10, 2023, for both Rapid and Scheduled Release domains. End user settings will follow, with Rapid Release domains starting on July 20, 2023, and Scheduled Release domains commencing on July 31, 2023.

Paid appointment bookings in Google Calendar will be available to a range of users, including Business Standard, Business Plus, Enterprise Standard, Enterprise Plus, Education Fundamentals, Education Standard, Education Plus, the Teaching and Learning Upgrade, Nonprofits, and Workspace Individual customers.

This integration offers a seamless and efficient way for businesses to streamline their appointment scheduling process, increase their revenue, and enhance customer engagement. By leveraging the power of Google Calendar and Stripe, appointment providers can now offer a convenient and secure payment experience to their clients.

As Google continues to innovate and expand its suite of productivity tools, the integration of paid appointment bookings in Google Calendar demonstrates its commitment to meeting the evolving needs of businesses and individuals alike.