Nigerian fintech Carbon has completed the acquisition of Vella Finance, a business-to-business financial services platform. The deal was concluded in February 2024.
Carbon, which operates as Carbon Microfinance Bank in Nigeria, has until now been primarily known as a consumer-facing platform offering personal loans, savings, and payment services. The addition of Vella Finance brings capabilities oriented towards Nigerian businesses.
SME BANKING TOOLS ADDED
Vella Finance, which started out as a cross-border payments platform for African SMEs, had developed an SME banking and payments platform used by about 8,000 SMEs.
Details of the transaction structure, including any financial consideration exchanged, have not been made public. Carbon said Vella Finance's customers would be moved to Carbon Business accounts, the new AI-powered business banking offering built on Vella's platform, in the coming days.