Nigerian fintech startup Vella Finance, which enables borderless transfers and remittances across the world powered by cryptocurrency, has launched additional payment tools to help business owners in Africa simplify their finances.
Launched in beta late last year, Vella has since garnered over 20,000 users, and processed over 25,000 transactions.
This latest iteration will see the startup help financially underserved businesses boost cross border trade and commerce by providing alternative payment solutions and infrastructure to scale revenue by bridging trade finance with decentralised finance and cryptocurrency rails.
“Our long-term goal at Vella is to become the preferred payment partner for 80 per cent of businesses originating from Africa,” said Vella co-founder and COO Tolu Adedayo.
The new services include Vella Boost, a savings feature that helps businesses invest their idle and excess cash flow in US dollars while earning up to 12 per cent APY; and Fintech as a Service (FaaS), an enterprise service which helps startups of all sizes quickly become crypto-enabled companies using Vella’s API and solutions.
“Vella’s sweet spot is in our ability to layer regular traditional finance which businesses are already familiar with on top of crypto infrastructures. We were first merchants, then small business enablers; we share firsthand experience from a small business owner’s perspective. Not only can our users send and receive money, they can also get access to credit which helps boost their businesses; that is how we set ourselves apart. Through our checkout, web and mobile applications, small businesses get a simple yet powerful system that simplifies digital finance, accelerates growth, and boosts their earnings,” said Mark Afolabi, CEO of Vella Finance.