Pan-African fintech startup Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in SME banking.
The undisclosed deal, facilitated through Carbon’s parent company, One Credit Limited, sees Vella Finance rebranded as “Carbon Business”, now serving as Carbon’s business banking arm.
Founded in December 2021 by Mark Afolabi (CEO), Tolu Adedayo (COO), Gabriel Ajenifuja (CTO), and Segun Fagbami (CPO), Vella Finance initially operated as a cross-border payment platform before shifting its focus to crypto transactions and SME banking, leading to its acquisition by Carbon.
The acquisition holds strategic importance for Carbon, as it plans to leverage Vella Finance’s AI-driven transaction analysis feature, offering business clients actionable insights based on financial transactions.
The founders highlighted the strong synergy between the two companies, noting Carbon’s involvement in Vella Finance’s pre-seed fundraising.
They commended Vella Finance’s innovative SME platform, describing the acquisition as a logical step forward given their shared aspirations.
Carbon’s entry into AI-driven business banking through Carbon Business aligns with the changing needs of Nigerian businesses, aiming to provide advanced platforms with AI-driven insights, affordable loans, and AI integration to tackle various business challenges.
The partnership’s significance in providing businesses with AI-powered capabilities to navigate today’s economic landscape, positioning Carbon Business as a key player in offering transaction insights, financial products, and AI solutions.
CEO of Carbon, Ngozi Dozie emphasized the company’s commitment to sharing AI insights, reflecting a broader trend of Nigerian startups engaging in acquisitions and strategic collaborations, marking the ecosystem’s growth and readiness for such ventures.
As Nigerian businesses confront unprecedented challenges, the acquisition aims to equip them with cutting-edge technology and financial tools to thrive, with Carbon Business poised to usher in an era of innovative business banking solutions featuring AI-powered transaction analysis, low-interest loans, sub-account features, and collaborative account management.