Vella Finance, a Nigerian fintech firm that uses cryptocurrencies to facilitate borderless payments and remittances worldwide, has introduced new payment solutions to assist African business owners in streamlining their financial operations.
Vella was introduced in beta at the end of last year and has already racked up over 20,000 users and handled over 25,000 transactions.
With its most recent version, the firm will support the growth of cross-border trade and commerce for underrepresented enterprises by offering alternative payment options and the infrastructure needed to expand revenue by connecting trade finance to decentralized 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 features include Fintech as a Service (FaaS), an enterprise service that enables startups of all sizes to quickly transform into crypto-enabled businesses using Vella’s API and solutions, as well as Vella Boost, a savings feature that enables businesses to invest their idle and excess cash flow in US dollars while earning up to 12% APY.
“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.