Breaking: Vella Finance acquired by Carbon, renamed as Carbon Business

Carbon has acquired Vella Finance and launched an AI-driven business banking platform in a deal whose terms remain undisclosed.

Breaking: Vella Finance acquired by Carbon, renamed as Carbon Business
Ngozi Dozie, a co-founder of Carbon

Carbon, a Pan-African fintech startup, has finalised the acquisition of Vella Finance, a US-based fintech startup that aims to redefine financial freedom for Africans, according to a statement seen by

The exact amount of the deal has not been disclosed, but the acquisition was executed through Carbon's parent company, One Credit Limited.

"This is exciting news for businesses and we are thrilled to join forces with Carbon," says Mark Afolabi, co-founder and CEO of Vella Finance. "These are trying times for businesses in Nigeria and by joining forces, we can provide businesses 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 founded Vella Finance in December 2021 alongside his co-founders; Tolu Adedayo (COO), Gabriel Ajenifuja (CTO) and Segun Fagbami (CPO). The fintech transitioned from cross-border payment to crypto transactions, and SME banking.

Vella Finance is now a business banking arm of Carbon. According to Chijioke Dozie, co-founder of Carbon, "[We] spearheaded the consumer finance revolution in Nigeria in 2016. Our goal was to give consumers unprecedented access to finance from their mobile devices."

Dozie said, "Since then we have provided some loans to SMEs but not in a manner that meets our standards or the customers' expectations. 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 unrivaled in the market and given our aspirations, the deal was a no-brainer."

Gabriel Ajenifuja, co-founder and CTO of Vella Finance stated that in the coming days, Vella Finance will be transitioning its business customers to Carbon Business. Additionally, individual customers will have the option to upgrade to business accounts.

How Carbon Business works

  • AI-powered transaction analysis: Utilise advanced AI to gain deep insights into your financial transactions, enabling smarter decision-making and growth strategies.
  • Competitive low-interest loans: Access loans with interest rates that challenge industry standards, offering financial relief and support for your business aspirations.
  • Sub-accounts for financial organisation: Easily manage your finances with sub-accounts that simplify reconciliation and accounting processes. You can create accounts for salaries, savings, working capital and many more.
  • Automated income splitting for financial planning: Set rules to allocate a % of funds to go into separate sub-accounts in an automated manner. You can rest easy knowing that your VAT, WHT or savings for a new purchase are taking place every second of the day.
  • Team-based account management (in development): Invite team members to collaborate on account management, fostering teamwork and efficiency in financial operations.
  • Ease of integration and user-friendly interface: Seamlessly integrate the account into your existing business systems, ensuring a smooth transition and adoption.

"All Carbon Business customers will get access to our AI experience through webinars, newsletters and How-To-Guides. In a time of limited talent, and resources, AI is a superpower and we are going to share everything we know," said Ngozi Dozie, a co-founder of Carbon.

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