Nigerian digital bank Carbon has announced its acquisition of Vella Finance, signaling the launch of a new AI-driven platform aimed at supporting small and medium-sized enterprises (SMEs). Financial terms of the acquisition remain undisclosed.
Founded in 2016, Carbon has established itself as a key provider of credit solutions in Nigeria, focusing on instant loans and a Buy Now, Pay Later (BNPL) service, alongside savings plans and debit card offerings. With this acquisition, the bank is poised to enhance its presence in the SME sector through Vella Finance, which specializes in offering local and cross-border collection, payout, and revenue management solutions for African businesses.
In the coming days, Vella Finance will begin transitioning its business clients to Carbon Business, while individual customers will have the opportunity to upgrade their accounts. Users of Carbon Business can expect access to advanced AI-driven transaction analysis, competitive loan rates, and a suite of additional features designed to empower their financial operations.
Chijioke Dozie, co-founder of Carbon, expressed enthusiasm about the partnership, stating, “We have known the Vella Finance team for some time and have been impressed by their innovation and market insights. They embody the same pioneering spirit that drives Carbon.” He further emphasized that the unique SME platform developed by Vella Finance aligns perfectly with Carbon’s aspirations, making the deal an obvious choice.