Vella Finance, Nigerian FinTech Announces Payment Tools for SMEs
A Nigerian fintech startup called Vella Finance has announced the release of new payment tools designed to make it easier for business owners in Africa to manage their funds. Global Pay, Vella Boost, and Fintech as a Service are a few of them (FaaS)
Vella was originally created as a platform to support the crypto infrastructure and spending capacity in Africa. Through the provision of alternative payment methods and infrastructure to scale and increase income by connecting TradFi with DeFi and cryptocurrency rails, the startup will be assisting financially underserved enterprises with boosting cross-border trade and commerce with this iteration.
At Vella, our long-term objective is to become the go-to payment partner for 80% of businesses with an African provenance. Tolu Adedayo, co-founder and COO, said.
In emerging markets, the B2B market accounts for 45% of all jobs and 30% of all imports, yet firms are unable to take advantage of potential global revenue prospects because of inadequate financial and crypto infrastructure.
Africans have made progress in operating businesses as small and medium-sized organizations, but there are still several obstacles to moving money across borders.
While fintechs are developing peer-to-peer payment and remittance solutions, the majority of them are customer-focused. B2B cross-border transactions remain mainly untapped and plagued by problems such as shaky security, sluggish transaction rates, poor transparency, and high transaction costs because of numerous intermediaries.
In order to solve these issues, Vella helps financially underprivileged companies streamline cross-border payments by offering business solutions, such as:
Global Pay is a hybrid payment technology that enables companies to transmit money directly to suppliers, partners, and vendors across borders in more than 80 nations.
Businesses, independent contractors, suppliers, and dealers may now take payments from clients in fiat and cryptocurrency (Stable coins) on a worldwide scale and settle their accounts in their home currencies thanks to the integration of Vella’s Invoice, hybrid checkout, and payment link.
A savings tool called Vella Boost enables companies to invest their extra and idle income flow in USD while earning up to 12% APY.
Fintech As a Service (FaaS): An enterprise service that supports embedded finance and products including card issuance, wallet systems, and payment collections/disbursement leveraging Vella’s API and solutions to help startups of all sizes quickly become cryptocurrency-enabled businesses.
“Vella’s unique selling point is our capacity to layer conventional regular financing, which businesses are accustomed to, on top of crypto infrastructures. We give first-hand knowledge from the viewpoint of a small business owner; we were first merchants, then small business enablers. We distinguish ourselves from other services by allowing our users to send and receive money as well as gain access to financing that supports the growth of their enterprises. Small businesses receive a straightforward yet effective system through our checkout, online, and mobile applications that streamlines digital finance, speeds up growth, and increases earnings. Vella Finance’s CEO, Mark Afolabi.
Vella has amassed over 20,000 users, successfully handled over 25,000 transactions, and transacted well over 2 billion Naira.
With the newly designed user interface and new products, Vella is reinforced at satisfying, and simplifying finance for SMEs in Africa.
