Nigerian Microfinance Bank Carbon Acquires Fintech Startup Vella Finance


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 30 October, 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.