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Nigeria's Carbon buys Vella Finance for AI-powered business banking

Nigeria's Carbon buys Vella Finance for AI-powered business banking

Nigerian digital bank Carbon has acquired Vella Finance for the launch of an AI-powered platform for SMEs. Financial terms were not disclosed.

Launched in 2016, Carbon's focus is on providing Nigerians with access to credit in the form of instant loans and a BNPL offering. It also offers savings plans and a debit card.

The firm is now making a concerted move into the SME market through the deal for Vella Finance, which provides African firms with local and cross border collection, payouts and revenue management tools.

Over the next few days, Vella Finance will transition business customers to Carbon Business and offer individual customers the option to upgrade.

Carbon Business users will get access to AI-powered transaction analysis, low-interest loans, and a host of other features.

Chijioke Dozie, co-founder, Carbon, says: "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."

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