Carbon, a leading digital financial services provider, has finalised the acquisition of Vella Finance, a Nigerian fintech specialising in SME-focused solutions.
The acquisition, announced through a joint statement, also marks the launch of an innovative AI-powered business banking platform.
Read also: Vella Finance to discontinue crypto trading and focus on SME banking
Carbon empowers SMEs with AI Financial Services
The acquisition of Vella Finance, facilitated through its parent company One Credit Limited, signifies Carbon’s strategic move to empower small and medium-sized enterprises (SMEs) with advanced financial services leveraging artificial intelligence. Gabriel Ajenifuja, co-founder and CTO of Vella Finance, stated that the company would transition its business customers to Carbon Business and offer individual customers the option to upgrade to business accounts.
Co-founder of Carbon, Chijioke Dozie, highlighted the significance of the acquisition, stating, “Carbon spearheaded the consumer finance revolution in Nigeria in 2016…We saw in them the same innovative and pioneering spirit that ignited Carbon.” This deal enables Carbon to enhance its SME loan offerings, meeting both its standards and customers’ expectations.
Commitment to AI Innovation
Ngozi Dozie, co-founder and CEO of Carbon, emphasized the company’s commitment to leveraging AI not only internally but also sharing these insights broadly. The acquisition of Vella Finance aligns with Carbon’s vision to revolutionize financial services in Nigeria by integrating advanced technology into its offerings.
Mark Afolabi, Vella Finance’s co-founder and CEO, expressed excitement about the acquisition, stating, “These are trying times for businesses in Nigeria…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 challenge.”
Despite the ownership change, Vella Finance reassured its customers of its unwavering commitment to providing innovative financial products and a secure banking experience. The acquisition will enable Vella Finance to expand its reach and develop cutting-edge financial solutions.
Leveraging AI Transaction Analysis
Carbon intends to leverage Vella Finance’s AI-powered transaction analysis to provide actionable insights to its business customers. This strategic move is expected to enhance Carbon’s financial services and solidify its position as a leader in the fintech industry.
Carbon’s acquisition of Vella Finance signifies a significant development in Nigeria’s fintech landscape. It underscores the importance of AI in transforming financial services and demonstrates Carbon’s commitment to providing innovative solutions to SMEs.