[Nigeria] Carbon revenue hits $17.5 million
Nigeria’s digital financial services company, Carbon has released its 2019 financial statements audited by KPMG, detailing its product growth and $17.5 million in revenue.
Carbon began operations in 2012 and within the space of six years, it grew revenue steadily, reaching an all-time high of $17.5 million in full-year 2019. In the same year, Carbon expanded its product offerings to the Kenyan market and its disbursement volumes have grown from N13bn (2018) to N23bn.
Formerly called Paylater, Carbon pioneered instant lending in Nigeria and was the first mobile app to provide access to credit digitally and without requesting individuals to present the documents and collateral traditionally associated with accessing loans. Earlier this year, Carbon introduced its iOS app and USSD (*1303#) service. It also announced its Disrupt Fund, a $100,000 Pan-African fund to address the lack of capital for African tech startups.
“The company will continue to share it’s audited financials annually, thus upholding a culture of transparency and accountability,” says Ngozi Dozie, Founder of Carbon.
So far this year, Carbon has introduced multiple new features for its customer base including Carbon Express: a keyboard allowing users to make payments from any social app, periodic investments, free bank transfers, monthly wallet interest, and more.
Carbon also plans to introduce debit cards, a reward program for loyal customers and SME accounts for entrepreneurs, in the months to come.