Carbon, a leading Nigerian fintech player, today announced its acquisition of Vella Finance, a pioneering SME-focused fintech company, through its parent company One Credit Limited. This move comes alongside the launch of Carbon Business, an AI-powered platform designed to empower small and medium-sized enterprises (SMEs) with accessible financial services and cutting-edge technology.
Vella Finance, founded by Mark Afolabi, Segun Fagbami, Tolu Adedayo, and Gabriel Ajenifuja, provides comprehensive banking and financial infrastructure for African SMEs, facilitating local and cross-border payments. With the acquisition, Vella Finance's business customers will transition to Carbon Business, while individual customers will have the option to upgrade to business accounts.
"Carbon spearheaded the consumer finance revolution in Nigeria in 2016, aiming to give individuals unprecedented access to finance through their mobile devices," said Chijioke Dozie, co-founder of Carbon. "While we've offered some SME loans, it wasn't at the level we or our customers expected. We've admired the Vella Finance team's innovation and market understanding, and we saw in them the same pioneering spirit that drives Carbon. Their SME platform is unmatched, and acquiring it aligns perfectly with our aspirations."
Carbon Business empowers SMEs with:
AI-powered transaction analysis: Gain deep insights into your finances for smarter decision-making and growth.
Competitive low-interest loans: Access financing with industry-leading rates to fuel your business ambitions.
Sub-accounts for streamlined organization: Simplify reconciliation and accounting with dedicated accounts for salaries, savings, working capital, and more.
Automated income splitting: Set rules to automatically allocate funds to designated sub-accounts, ensuring timely savings and tax contributions.
Team-based account management (coming soon): Collaborate on financial operations with team members, promoting efficiency.
Seamless integration and user-friendly interface: Integrate the platform easily with your existing systems for a smooth transition.
Carbon envisions AI playing a central role across all its departments, and Carbon Business customers will benefit from AI-powered insights through webinars, newsletters, and guides. This is especially valuable in today's resource-constrained environment.
"Joining forces with Carbon is incredibly exciting for both businesses and, most importantly, Nigerian SMEs," said Mark Afolabi, co-founder and CEO of Vella Finance. "During these challenging times, we'll offer businesses a platform with AI-driven financial insights, affordable loans, and built-in AI models to tackle any business challenge."
To experience the future of SME banking and leverage these powerful tools, visit https://getcarbon.co/business and sign up today. Join the growing community of businesses transforming with Carbon's innovative solutions.
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