Vella Finance Acquired By Carbon To Innovate AI Solutions For Business Banking
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Carbon, a digital bank in Nigeria, has purchased Vella Finance for the introduction of an AI-driven platform for SMEs. But the financial terms remain hidden.
Carbon was introduced in 2016. It focuses on granting Nigerians access to credit as BNPL offers and instant loans. It also provides a debit card and savings plans.
The company is now entering the SME market with the acquisition of Vella Finance, which offers African businesses cross-border and local collection, revenue, and payout management tools.
Carbon Aims To Revolutionize The Banking Experience
Vella Finance will move its business clients to Carbon Business and provide individual clients with the choice to upgrade.
Carbon Business customers will be granted access to low-interest loans, AI-driven transaction analysis, and many other features.
The co-founder of Carbon, Chijioke Dozie stated that the company has been in contact with the Vella Finance team for a while and respected their creativity and insights of the market requirements. He added that the two companies share the same pioneering and innovative spirit.
The company is planning to revolutionize the banking experience for customers, making banking more flexible and accessible.
In 2012, the firm began to operate as One Credit, a traditional consumer lender concentrating on the Nigerian market. Then in 2016, the company became a digital lender through its Paylater App and was committed to granting customers access to credit services.
The Company Wants To Focus More On The Needs Of The Customers
With a new goal of developing into an active digital financial solution platform that provides loans, investment options, high-yield savings, free fund transfers, and Low-cost bill payments, the firm renamed itself as Carbon in 2019. The Central Bank of Nigeria issued a microfinance banking license to the company.
Ngozi Dozie, the Co-founder of Carbon mentioned that the company recently launched “Carbon Zero”, a buy now pay later service, that will give customers the chance to buy what they want anytime they need it without any interest fees. He added that by utilizing Carbon Zero, their clients will have more options in how they use their money and will greatly enhance their quality of life.
Dozie noted that the team is happy with the growth of the company, thanks to their customers. When looking at the past few years and the upcoming future, the team wants to concentrate more on the needs of their customers and make sure that the firm is adapting to demands in the market. He also highlighted that Carbon wants to revolutionize the process of making payments in Nigeria.
