Carbon, a Nigerian digital bank, acquired Vella Finance, a fintech startup for SMEs, to launch an AI-powered business banking platform called Carbon Business.

Vella Finance, known for its innovative approach to financial inclusion, has created a niche for itself by using technology to provide accessible and affordable financial solutions to a wide range of customers.

A Win-Win Situation for Both Companies

The acquisition will allow Carbon to leverage Vella Finance’s AI-powered SME banking feature that helps users get actionable insights from financial transactions. Vella Finance’s 8,000 SME customers will be transitioned to Carbon Business while individual customers will get the option to upgrade to business accounts. It will also enable Vella Finance to reach more customers, develop cutting-edge financial products, and provide a more secure banking experience. The financial terms of the acquisition were not disclosed.

Carbon spearheaded the consumer finance revolution in Nigeria in 2016,” said Chijioke Dozie, co-founder of Carbon. “With the acquisition of Vella Finance, we are excited to extend our pioneering spirit to the SME sector, empowering businesses with the power of AI and providing them with the tools they need to thrive.”

The acquisition unlocks significant benefits for both parties. Carbon gains access to Vella Finance’s advanced AI capabilities and established SME customer base, solidifying its position as a frontrunner in the competitive banking landscape. Additionally, Vella Finance gains the resources and reach of Carbon, enabling them to develop even more innovative financial products and provide a secure and efficient banking experience to a wider audience.

While the financial details of the acquisition remain undisclosed, industry experts anticipate it will propel Carbon to the forefront of the SME banking sector. This strategic move sets new standards for innovation and customer-centricity, raising the bar for financial services offered to businesses in Nigeria.

We can’t wait to see what amazing accomplishments both companies will achieve together. Here’s to bigger, better, and bolder adventures in finance!

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