Vella Finance, a Nigerian fintech startup, was recently bought by the microfinance bank Carbon. The acquisition of the fintech startup paves for Carbon to launch a new banking platform targeting Nigerian businesses.
Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance
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New Business to Leverage Artificial Intelligence
The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. This acquisition, which was finalized by the microfinance bank’s parent company, One Credit Limited, paves the way for the launch of a novel banking platform aimed at Nigerian businesses.
As part of the acquisition agreement, Vella Finance, which ceased offering crypto-related services on Oct. 30, 2023, will transition its business clientele to Carbon Business. Individual customers will also be presented with the option to upgrade to business accounts. Furthermore, the fintech firm’s solutions will be incorporated into the new banking platform.
In a statement, Mark Afolabi, the co-founder and CEO of Vella Finance, elaborated on how the merged entity plans to leverage artificial intelligence (AI) to help struggling Nigerian businesses.
“[The new banking platform will] provide businesses [with] a platform that provides AI-driven insights into their transactions, low-cost accessible loans and the power of AI models built into the platform to help with any business challenge,” Afolabi reportedly said.
The sentiments of the CEO of Vella Finance found resonance with Ngozi Dozie, the co-founder of Carbon. Dozie’s microfinance bank is already promoting the internal use of AI. As per the report, Carbon is not only tapping into but also integrating the AI expertise of Vella Finance into its new business platform.
Dozie also claimed that his bank has already begun implementing AI in various sectors, including accounting, finance, and even human resources.
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