Carbon Completes Acquisition of Vella Finance to Enhance SME Financial Services

Ikenna ChurchillFebruary 15, 20241 Mins read549

Digital financial service provider Carbon has finalised the acquisition of Vella Finance, a Nigerian fintech company focused on small and medium-sized enterprises (SMEs). The acquisition, completed through Vella Finance’s parent company One Credit Limited, coincides with the launch of an innovative AI-powered business banking platform.
With this acquisition, Carbon aims to bolster its mission of empowering SMEs with accessible financial services enhanced by artificial intelligence. Gabriel Ajenifuja, co-founder and CTO of Vella Finance revealed plans to transition business customers to Carbon Business while offering individual customers the option to upgrade to business accounts.
Co-founder of Carbon, Chijioke Dozie, expressed enthusiasm about the deal, citing Carbon’s vision of revolutionising consumer finance in Nigeria since 2016. He highlighted the alignment of values between Carbon and Vella Finance, particularly in innovation to meet market needs.
Mark Afolabi, CEO of Vella Finance, echoed the sentiment, emphasising the opportunity to provide businesses with AI-driven insights, low-cost loans, and solutions for various challenges. The acquisition promises continuity for Vella Finance’s customers while enabling the development of cutting-edge financial products and enhancing banking security.
Carbon plans to leverage Vella Finance’s AI-powered transaction analysis to provide actionable insights to business customers. Co-founder and CEO of Carbon, Ngozi Dozie, reiterated the company’s commitment to sharing AI insights broadly, reflecting its dedication to innovation and customer-centric solutions.