Fintech Startup, Carbon Plans Expansion To Kenya

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The Nigeria-based Fintech Startup is reportedly planning to expand transaction beyond the wall of the country

Formerly knowns as Pay later, Carbon is a loan-offering and payment solution platform that launched sometime around May 2017. The startup has done so well in the period of two years of establishment, and as a matter of fact, recently managed to secure a $5 million debt funding, which the company intends to use in acquiring more customers in Nigeria as well as fund its expansion to other African markets.

In line with its expansion plan, the loan-offering platform is set to launch in Kenya, one of Africa’s fast-growing economy, also marking the third county it is expanding to after Ghana. The information was later confirmed by a tweet by the company’s CEO, Chijioke Dozie, who tweeted two days ago that the company is looking to hire a country manager to help launch operations in the East African country.

Carbon now offers services beyond loan offering; it now function as a payment solution platform as well, and this is mainly due to the acquisition by the parent company- OneFi, who recently acquired a payment solution platform, Amplify, which will now function alongside the company’s default service. This way, Carbon now offers fund transfers and bill payments in its app.

Carbon, also recently took a strange but amazing decision- to make its audited financial report open to the public, something that is hard to find in the industry, and as part of its commitment to the decision; the company publicized it recent audited financials, and promised to continue in the same manner to ensure transparency between the company, and its several customers.

While speaking on the reason why the company is publicizing its audited financials, the company CEO, Chijioke revealed that one of the reasons for posting its pre-public financial records was that being straightforward about the startup’s financial position will attract top talents.

In Chijioke’s words, he said that; “From a recruitment perspective, we want recruits to know we have good prospects — that this is a company that’s doing well and wants to keep doing well,”

Carbon’s expansion into Kenya will mark another breakthrough for the fast-growing startup company.

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