A Nigerian lending platform, Carbon, reportedly buys Vella Finance to launch an AI-powered SME banking software, via One Credit Limited, the daughter company of the original company. In a statement provided to Technext today, this was stated. None of the acquisition’s financial information was made public.
Carbon Reportedly Buys Vella Finance to launch an AI-Powered SME Banking Software
With the help of cutting-edge, easily accessible financial services that utilize the most recent advancements in artificial intelligence, Carbon is now well on its way to empowering small and medium-sized organizations (SMEs).
Chijioke Dozie a co-founder of Carbon explained, “Carbon spearheaded the consumer finance revolution in Nigeria in 2016. Our goal was to give consumers unprecedented access to finance from their mobile devices.”
He added, “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 unrivaled in the market and given our aspirations, the deal was a no-brainer.”
CEO and Co-founder Mark Afolabi Remarked the Acquisition is Great News for the Companies
Founded by Mark Afolabi, Segun Fagbami, Tolu Adedayo, and Gabriel Ajenifuja, Vella Finance is a fintech business that targets SMEs in Africa by providing extensive banking and financial infrastructure for local and international payments.
CEO and co-founder Mark Afolabi said his team is excited to work with Carbon going ahead and that the purchase is great news for both companies. He said,” 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 model built into the platform to help with any business challenge.”
Also, Gabriel Ajenifuja, co-founder and CTO of Vella Finance said, “This move aligns with our commitment to providing optimal user experiences during this period.”
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