Nigerian Digital financial services provider, Carbon, has acquired Vella Finance. a Nigerian fintech company focused on SMEs.
The two companies made an official statement yesterday to announce the acquisition.
The digital bank acquired Vella Finance through its parent company, One Credit Limited.
Carbon aims to leverage Vella Finance’s AI-powered SME banking feature.
It helps users get actionable insights from financial transactions.
According to Tolu Adedayo, co-founder and COO of Vella Finance, this integration will impact both staff and customers.
Already, several founders and team members have joined Carbon following the acquisition.
Vella Finance will transition its 8,000 SME customers to Carbon Business in the coming days.
As for individual customers. They will have the choice to upgrade to business accounts.
The co-founder of Carbon, Chijioke Dozie, said, “Our goal was to give consumers unprecedented access to finance from their mobile devices.”
He pointed out that the company had provided some loans to SMEs in the past, “but not in a manner that meets our standards or the customers’ expectation” he said.
According to him, the acquisition came from Carbon’s admiration of Vella Finance’s innovation and understanding of the market needs.
“They had built an SME platform that we believe is unrivaled in the market and given our aspirations, the deal was a no-brainer,” Dozie stated.
“We saw in them the same innovative and pioneering spirit that ignited Carbon.’ He added.
Expressing his excitement, Mark Afolabi, co-founder and CEO of Vella Finance, said, “This is exciting news for businesses and we are thrilled to join forces with Carbon. “
Highlighting the benefits of the acquisition to businesses he said
“…by joining forces, We can provide businesses with
- a platform that provides AI-driven insights into their transactions,
- low-cost accessible loans, and
- the power of AI models built into the platform to help with any business challeng.”
Vella Finance also assured customers of continued excellent service, stating that the ownership change will not change its commitment to customers.
The startup said the acquisition will allow it to reach more customers
It will also help develop cutting-edge financial products, and provide a more secure banking experience.
Carbon empowers individuals with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management.
Vella Finance helps African businesses and individuals sell, pay and receive payments worldwide.
Users will earn up to 15% interest on excess cash flow, and access credit.
