FINTECH

Carbon Releases Its 2019 Financial Results

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By Ifeoma Asika, Correspondent Campuses

Nigeria’s leading digital financial services company, Carbon, has released it’s 2019 financial statements audited by KPMG, detailing itsproduct growth and $17.5mm in revenue.

Carbon began operations in 2012 and within the space of sixyears, it grew revenue steadily, reaching an all-time high of US$17.5mm infull-year 2019. In the same year, Carbon expanded its product offerings to theKenyan market and it’s disbursement volumes have grown from N13bn  or US$33.51million(2018) to N23bn.

Formerly called Paylater, Carbon pioneered instant lendingin Nigeria and was the first mobile app to provide access to credit digitallyand without requesting individuals to present the documents and collateraltraditionally associated with accessing loans. Earlier this year, Carbonintroduced its iOS app and USSD (*1303#) service. It also announced its DisruptFund, a $100,000 Pan-African fund to address the lack of capital for Africantech startups.

“The company will continue to share it’s audited financialsannually, thus upholding a culture of transparency and accountability,” saysFounder of Carbon, Ngozi Dozie.

So far this year, Carbon has introduced multiple newfeatures for its customer base including Carbon Express: a keyboard allowingusers to make payments from any social app, periodic investments, free banktransfers, monthly wallet interest, and more.

Carbon also plans to introducedebit cards, a reward program for loyal customers and SME accounts forentrepreneurs, in the months to come.

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