Categories: Fintech

Carbon Acquires Vella Finance to Enhance SME Offerings

Digital financial services provider Carbon has completed the acquisition of Vella Finance, a Nigerian fintech company specializing in serving small and medium-sized enterprises (SMEs).

The acquisition, announced through an official statement on Wednesday, signifies Carbon’s strategic move to bolster its SME offerings.

Although the financial details of the transaction were not disclosed, Carbon’s acquisition of Vella Finance, founded two years ago under its parent company, One Credit Limited, underscores its commitment to expanding its footprint in the fintech space.

Vella Finance’s expertise in AI-powered SME banking solutions particularly caught the attention of Carbon.

Through this acquisition, Carbon aims to leverage Vella Finance’s innovative technology to provide actionable insights from financial transactions to its SME customers.

Tolu Adedayo, co-founder and COO of Vella Finance, expressed enthusiasm about the integration, noting that several team members from Vella Finance have joined Carbon following the acquisition.

Adedayo further revealed that Vella Finance’s 8,000 SME customers would be transitioned to Carbon Business in the near future.

Chijioke Dozie, co-founder of Carbon, emphasized the alignment of values and vision between Carbon and Vella Finance, highlighting the potential for synergies and growth in the SME banking segment.

The acquisition marks a significant milestone for both companies as they aim to revolutionize financial services for SMEs in Nigeria.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Brent Crude at $79.38 Amid Trump’s National Energy Emergency Declaration

Oil prices remained steady on Wednesday as investors assessed the potential impact of U.S. President…

20 minutes ago

Netflix Hits 302 Million Subscribers, Surpasses $10 Billion in Annual Operating Income

Netflix ended 2024 on a high note as its global subscribers rose to 302 million…

50 minutes ago

PalmPay Explores Remittance Services as Part of Ambitious Global Growth Strategy

PalmPay, a leading Nigerian fintech company with over 30 million users and $6 billion in…

1 hour ago

Dollar to Naira Black Market Exchange Rate Today, 22nd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

12 hours ago

Pounds to Naira Black Market Exchange Rate Today, 22nd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

12 hours ago

MTN Nigeria Secures NCC Approval to Renew and Harmonise 800MHz Spectrum Licences

MTN Nigeria Communications PLC has received approval from the Nigerian Communications Commission (NCC) to renew…

17 hours ago