Carbon, a Nigerian digital finance startup, has announced the completion of the acquisition of fintech startup, Vella Finance through its parent company One Credit Limited, alongside the simultaneous launch of an AI-powered business banking platform.

This dual announcement marks a significant leap forward in Carbon’s mission to empower small and medium-sized enterprises (SMEs) with advanced, accessible financial services that leverage the latest in artificial intelligence.

‍“Carbon spearheaded the consumer finance revolution in Nigeria in 2016. Our goal was to give consumers unprecedented access to finance from their mobile devices,” said Chijioke Dozie, co-founder of Carbon.

“Since then we have provided some loans to SMEs but not in a manner that meets our standards or the customers’ expectations. 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”

‍”This is exciting news for businesses and we are thrilled to join forces with Carbon,” said Mark Afolabi, co-founder and CEO of Vella Finance. “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 A.I model built into the platform to help with any business challenge.

‍In the coming days, Vella Finance will transition business customers to Carbon Business and offer individual customers the option to upgrade to business accounts. This move aligns with our commitment to providing optimal user experiences during this period, states Gabriel Ajenifuja, co-founder and CTO of Vella Finance.

Ngozi Dozie, emphasizes the company’s commitment to not just leveraging AI internally but also sharing these insights broadly: “At Carbon, we’re pioneering the use of AI across all departments, from accounting and finance to human resources, operations, and engineering,” said Ngozi Dozie, a co-founder of Carbon.

“All Carbon Business customers will get access to our AI experience through webinars, newsletters and How-To-Guides. In a time of limited talent, and resources, AI is a superpower and we are going to share everything we know.”

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