Carbon, a Pan-African fintech startup, has finalized the acquisition of Vella Finance, a US-based fintech startup aiming to redefine financial freedom for Africans, according to a statement obtained by Bendada.com.
The exact amount of the deal remains undisclosed, but the acquisition was conducted through Carbon’s parent company, One Credit Limited.
“We’re excited about this development for businesses, and we’re eager to unite with Carbon,” remarked Mark Afolabi, co-founder and CEO of Vella Finance. “These are challenging times for businesses in Nigeria, and by combining forces, we can offer businesses a platform that delivers AI-driven insights into their transactions, affordable accessible loans, and the strength of AI models integrated into the platform to address any business challenges.”
Afolabi, alongside his co-founders Tolu Adedayo (COO), Gabriel Ajenifuja (CTO), and Segun Fagbami (CPO), established Vella Finance in December 2021. The fintech transitioned from cross-border payments to crypto transactions and SME banking. Vella Finance now operates as the business banking arm of Carbon. Chijioke Dozie, co-founder of Carbon, highlighted, “[We] spearheaded the consumer finance revolution in Nigeria in 2016, aiming to grant consumers unprecedented access to finance from their mobile devices.”
Dozie added, “Since then, we’ve provided some loans to SMEs, but not in a manner that meets our standards or the customers’ expectations. We’ve known the Vella Finance team for some time and admired their innovation and understanding of market needs. We recognized in them the same innovative and pioneering spirit that ignited Carbon. They had built an SME platform that we believe is unrivaled in the market, and given our aspirations, the deal was a no-brainer.”
AI-powered transaction analysis: Utilize advanced AI to gain deep insights into your financial transactions, enabling smarter decision-making and growth strategies.
Competitive low-interest loans: Access loans with interest rates challenging industry standards, offering financial relief and support for your business aspirations.
Sub-accounts for financial organization: Easily manage your finances with sub-accounts that simplify reconciliation and accounting processes. You can create accounts for salaries, savings, working capital, and more.
Automated income splitting for financial planning: Set rules to allocate a % of funds to go into separate sub-accounts automatically. Rest easy knowing that your VAT, WHT, or savings for a new purchase are being handled continuously.
Team-based account management (in development): Invite team members to collaborate on account management, fostering teamwork and efficiency in financial operations.
Ease of integration and user-friendly interface: Seamlessly integrate the account into your existing business systems, ensuring a smooth transition and adoption.
“All Carbon Business customers will gain access to our AI experience through webinars, newsletters, and How-To-Guides. In a time of limited talent and resources, AI is a superpower, and we’re going to share everything we know,” remarked Ngozi Dozie, a co-founder of Carbon.
Gabriel Ajenifuja, co-founder and CTO of Vella Finance, stated that in the coming days, Vella Finance will transition its business customers to Carbon Business. Additionally, individual customers will have the option to upgrade to business accounts.
Source: Benjamindada