Digital financial services provider Carbon has completed the acquisition of Vella Finance, a leading Nigerian fintech company. The acquisition was finalized through Vella Finance’s parent company, One Credit Limited. Simultaneously, Carbon has unveiled a groundbreaking AI-powered business banking platform.
The acquisition marks a significant milestone in Carbon’s mission to empower SMEs with advanced and accessible financial solutions leveraging artificial intelligence. Gabriel Ajenifuja, co-founder and CTO of Vella Finance, announced that the company would transition its business customers to Carbon Business while offering individual customers the option to upgrade to business accounts.
Chijioke Dozie, co-founder of Carbon, lauded Vella Finance’s innovative SME platform, describing the acquisition as aligning with Carbon’s goal of providing exceptional financial solutions. Ngozi Dozie, Carbon’s co-founder and CEO, emphasized the company’s commitment to leveraging AI internally and sharing insights broadly.
Mark Afolabi, co-founder and CEO of Vella Finance, expressed excitement about joining forces with Carbon, highlighting the opportunity to provide businesses with AI-driven insights, low-cost loans, and innovative financial products.
The acquisition is expected to enable Vella Finance to reach more customers, develop cutting-edge financial products, and provide a more secure banking experience. Carbon, on the other hand, aims to leverage Vella Finance’s AI-powered transaction analysis to offer business customers actionable insights based on their transactions.
Overall, the acquisition underscores Carbon’s dedication to advancing financial inclusion and providing cutting-edge banking experiences for SMEs in Nigeria.
