Nigerian fintech startup, Carbon, is expanding to Kenya

by | Aug 30, 2019

It appears Carbon (formerly Paylater), a Nigerian-based fintech startup that started as a loan offering platform, is launching in Kenya soon.

Earlier in the year, the startup secured a $5 million debt financing to gain more customers in Nigeria as well as fund its expansion to other African markets.

Shortly after securing the funding, OneFi — Carbon’s parent company — acquired a payment solution, Amplify, and in addition to providing loans, Carbon now offers fund transfers and bill payments.

Backing words with action, the CEO, Chijioke Dozie, tweeted two days ago that the company is looking to hire a country manager to help launch operations in the East African country.

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Last month, the company made its audited financials public, something that is uncommon with private companies in Nigeria.

After stating that Carbon will continue to make its financials public, Chijioke reiterated 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.

“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,” he said.

With the planned expansion to Kenya, Carbon will have its operations in three countries, including Ghana and of course, Nigeria. The startup is also eyeing further expansion across the continent.

Tage Kene-Okafor
Tage Kene-Okafor

Endlessly amused by technology. @ulonnaya

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