Carbon, a digital financial services provider, has acquired SME-focused Nigerian fintech Vella Finance for an undisclosed amount.
The two companies announced the deal's completion via a statement on Wednesday. Vella Finance was acquired through its parent company, One Credit Limited, alongside the simultaneous launch of a groundbreaking AI-powered business banking platform.
Through this deal, Carbon is looking to leverage Vella Finance's AI-powered transaction analysis that helps business customers gain actionable insights based on their transactions.
Commenting on the deal, co-founder and CEO of Vella Finance, Mark Afolabi, said, "This is exciting news for businesses, and we are thrilled to join forces with Carbon. These are trying times for businesses in Nigeria, and by joining forces, 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."
Co-founder of Carbon, Chijioke Dozie, also had this to say, "We have known the Vella Finance team for some time and admired their innovation and understanding of the market needs. We saw in them the same innovative and pioneering spirit that ignited Carbon. They had built an SME platform that we believe is unrivalled in the market, and given our aspirations, the deal was a no-brainer."
For Vella Finance, the ownership change will not change its customer commitment. The startup said the acquisition will allow it to reach more customers, develop cutting-edge financial products and provide a more secure banking experience. Henceforth, Vella Finance will be known as Carbon Business.
