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Carbon, a leading digital financial services provider, has finalized the acquisition of Vella Finance, a Nigerian fintech specializing in services for small and medium-sized enterprises (SMEs).
The acquisition was announced jointly by both companies in a statement released on Wednesday. Vella Finance, operating under its parent company One Credit Limited, was acquired alongside the launch of an innovative AI-driven business banking platform.
In the statement, Carbon emphasized that the acquisition represents a significant stride in its mission to empower SMEs with advanced financial services leveraging cutting-edge artificial intelligence technology. Gabriel Ajenifuja, co-founder and CTO of Vella Finance, stated that the company will soon transition its business customers to Carbon Business while offering individual customers the option to upgrade to business accounts.
Chijioke Dozie, co-founder of Carbon, commented on the deal, highlighting Vella Finance’s innovative approach and its alignment with Carbon’s vision. Ngozi Dozie, Carbon’s co-founder and CEO, emphasized the company’s commitment to leveraging AI internally and sharing insights with a wider audience.
Mark Afolabi, co-founder and CEO of Vella Finance, expressed excitement about the acquisition, noting the potential to provide businesses with AI-driven insights, low-cost loans, and enhanced financial solutions amidst challenging economic times in Nigeria.
The acquisition signifies an opportunity for Vella Finance to expand its customer base, develop new financial products, and enhance banking security. Carbon aims to leverage Vella Finance’s AI capabilities to offer actionable insights to its business customers based on transaction data.
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