Carbon, a Nigerian digital bank, has successfully acquired Vella Finance, a fintech startup specializing in services for Small and Medium Enterprises (SMEs).
Vella Finance is set to transform into Carbon’s dedicated business banking product, aptly named Carbon Business.
The move is driven by Carbon’s intention to harness Vella Finance’s AI-powered SME banking features, aiming to derive actionable insights for enhanced financial services.
This acquisition, executed through Carbon’s parent company, One Credit Limited, includes the integration of founders and teams from Vella Finance into the Carbon ecosystem.
Tolu Adedayo, Co-founder and COO of Vella Finance, emphasized a seamless transition for the company’s 8,000 SME customers, who will now be served under the Carbon Business brand.
Individual customers of Vella Finance are not left behind, as they have the option to upgrade to business accounts, ensuring a smooth transition for all users.
Importantly, Carbon reassured that the acquisition will not compromise Vella Finance’s commitment to its customers; instead, it is expected to broaden their reach and enhance product development.
Carbon’s strategic vision includes leveraging Vella Finance’s AI-powered transaction analysis specifically tailored for business customers.
This move comes as a culmination of a strong existing relationship between Carbon and Vella Finance, which has been bolstered by previous investment ties.
Carbon viewed this acquisition as a key step in navigating and contributing to the evolving landscape of Nigerian startups this year.
