Since its founding in 2016, Carbon has concentrated on giving Nigerians access to credit through BNPL offerings and quick loans. It also provides a debit card and savings options.

With the acquisition of Vella Finance, the company is now consciously entering the SME space. Vella Finance offers revenue management solutions, local and international payouts, and collection services to African businesses.

Vella Finance will switch business customers to Carbon Business over the course of the next few days, with the option for individual customers to upgrade.

Low-interest loans, AI-powered transaction analysis, and a slew of other features are all available to Carbon Business customers.

Co-founder of Carbon, Chijioke Dozie, states: "We have known the Vella Finance team for a while and have always appreciated their inventiveness and grasp of market demands. We recognized in them the same spirit of invention and foresight that sparked Carbon.

"They had built a SME platform that we believe is unrivalled in the market and given our aspirations, the deal was a no-brainer."