Carbon, a Nigerian digital bank, has acquired Vella Finance, a fintech startup specialising in services for small and medium-sized enterprises (SMEs).
In this undisclosed deal, Carbon will integrate Vella Finance into its operations, rebranding it as Carbon Business.
One of the key benefits of this acquisition is Carbon’s access to Vella Finance’s AI technology, which provides valuable insights from financial transactions for SMEs.
Tolu Adedayo, co-founder and COO of Vella Finance, mentioned that some team members from Vella Finance will join Carbon, and the transition will also include Vella Finance’s 8,000 SME customers moving to Carbon Business accounts.
Despite the ownership change, Vella Finance remains committed to its customers, aiming to reach even more clients and develop innovative financial products.
Chijioke Dozie, co-founder of Carbon, highlighted the strategic fit between the two companies, praising Vella Finance’s innovation and market understanding. He emphasised that Carbon sees Vella Finance’s SME platform as unmatched in the market.
Vella Finance, initially focused on cross-border payments before venturing into crypto transactions and SME banking, is now diving into AI-powered business banking, aligning with Carbon’s vision for Carbon Business.
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