Nigerian digital financial platform, Carbon (formerly Paylater) launched its mobile app 4 years ago. Since then, the startup has disbursed a significant amount of loans as well as other financial services.

To celebrate the feats achieved by the company since the launch of its application, we decided to remind you of the past and present you some benchmarks of the startup since then.

Carbon has disrupted the quick lending space

Initially launched under the name Paylater, the startup has disbursed loans between 7,500 and 200,000 N to its online users. within minutes of request. And about a year after the deployment of its mobile application, the startup would have started disbursing more than 1,000 loans per day. By the end of 2017, Paylater had disbursed 3 billion loans to its users.

At the end of 2018, the startup had loans disbursed worth over 13 billion naira to users. This is an increase of around 400% from the 2017 figure, sealing its position as one of the largest fintech operations in the country. It has since increased its loan limit to N 500,000 for individuals and to N 20 million. for SMEs.

Beyond the loan

In 2018, Carbon (formerly Paylater) introduced a payment feature in their app. This has allowed users to buy top-up cards, pay bills, and even transfer funds. It also introduced an investment option for users. By the end of 2018, the startup had recorded more than 500,000 transactions worth 2.3 billion naira from the payment space alone and 800 million naira in investments.

By the end of 2019, the platform had generated over 51 billion naira in the space of invoices and payments, a huge growth of 23 times compared to 2018. While the investment function also reached 2.8 billion naira.

Pay later, no; Carbon Yes

In March 2019, the parent company of the One Finance (OneFi) platform secured a $ 5 million loan from Lendable, an international lending platform. Following this, the startup has made known its ambitions for a complete transition to a fully-fledged digital bank. This was of course expected because the startup added other features beyond the loan to its application.

A month later, Paylater broke the news – a name change for Carbon, which it says reflects its growing digital offerings.

After the name change and redesign, the platform rolled out free credit reports and a wallet for its clients in addition to its lending, investing, and payment options. It has also started offering in-app credit reporting and financial management.

And the impact of those redesigns could be seen in its year-end report where more than 408,000 wallets had been opened on its app, with over 22 billion naira stored in it. He has also disbursed over 23 billion naira in loans.

Expansion, Achievements and Awards

Since 2016, Carbon has expanded to new countries beyond Nigeria where it was initially launched. The startup has expanded to Ghana and recently to Kenya. He also rolled an iOS application, thus becoming the first digital lender in Africa to do this, as well as a USSD functionality for its users without smartphones.

Fintech Firm, Carbon opened its financial services API to help start-ups and SMEs across Africa grow their businesses
Chijioke Dozie, CEO, Carbon.

The start also acquired AmplifyPay, another payments startup, which allowed it to introduce new banking functions on its platform.

Carbon received the Bis Fintech Solution in Africa at AppsAward Africa 2019. This recognition came just a few months after its the co-founders joined the 91st cohort of Endeavor Entrepreneurs.

Recently, the startup launched a new Pan-African fund of $ 100,000 aimed at insurance, healthcare and education tech startups on the continent. The startup will offer up to $ 10,000 in each of the selected startups in exchange for a capital of 5%. It is about filling the lack of funds on African startups.

Congratulations to the Carbon team and well done.


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