This acquisition coincides with the launch of a new AI-powered business banking platform, signalling an advancement in Carbon's mission to provide accessible financial services for small and medium-sized enterprises (SMEs) by leveraging artificial intelligence technology.
In the official press release, representatives from Carbon expressed the company's evolution from supporting the consumer finance revolution in Nigeria to extending its services to SMEs. They also highlighted the strategic alignment between Carbon's vision and Vella Finance's SME platform, emphasising the seamless integration of both entities.
Officials from Vella Finance underscored the potential of the collaboration to address the challenges faced by businesses in Nigeria. They emphasised the platform's ability to offer AI-driven insights, affordable loans, and solutions designed to navigate various business obstacles effectively.
Vella Finance specialises in providing comprehensive banking and financial infrastructure for local and cross-border payments, with a focus on SMEs in Africa. The company's goal is to simplify digital finance, accelerate growth, and enhance earnings for enterprises across the continent.
As part of the transition, Vella Finance will migrate its business customers to Carbon Business while providing individual customers with the option to upgrade to business accounts. The company has expressed its commitment to ensuring a smooth user experience during this transition period.
In October 2023, Vella announced its intention to shut down its crypto trading, deposits, wallets and other offerings. The move came just over a year after Vella launched to enable crypto spending and payments for African businesses.
Carbon Business offers several key features to improve financial management for business owners, including AI-powered transaction analysis for informed decision-making, competitive low-interest loans, sub-accounts for financial organisation, automated income splitting, and team-based account management.
Carbon officials also brought up the company's dedication to democratising AI by providing access to AI-driven insights through various channels, including webinars, newsletters, and guides, to all Carbon Business customers.
Carbon Microfinance Bank is a well-known digital bank in Nigeria, focusing on consumer credit and banking services for both consumers and SMEs. Founded on principles of innovation and customer-centricity, Carbon aims to drive financial inclusion and empower businesses across Africa.
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