Carbon provides a digital banking platform that offers instant loans, savings accounts with competitive interest rates, and payment solutions without the need for collateral or guarantors. By simplifying access to credit and financial management tools, Carbon addresses the lack of affordable financial services for individuals in Nigeria and beyond.
Funding
$5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+6Founders
Product
Problem
Many individuals lack access to quick and affordable credit and convenient financial management tools, especially in regions like Nigeria, hindering their ability to meet immediate needs and achieve long-term financial goals. Traditional banking systems often require collateral or guarantors, creating barriers for those with limited assets or credit history.
Solution
Carbon provides a digital financial platform that offers instant loans, savings accounts with competitive interest rates, a buy now, pay later service, and payment solutions, all accessible through a mobile app. Users can access loans without collateral or guarantors, and build their credit history by repaying on time. The platform also provides tools for managing finances, including digital savings accounts with monthly interest payouts, virtual and physical debit cards for online and offline payments, and a digital "ajo" (rotating savings) feature for group savings. Carbon aims to simplify access to credit and empower individuals to take control of their financial lives.
Target Audience
Carbon primarily targets individuals in Nigeria and other African markets who are seeking accessible credit, convenient payment solutions, and tools for managing their personal finances, particularly those underserved by traditional banking institutions.
Features
- Instant loans ranging from ₦2,500 to ₦1,000,000 with repayment periods from 61 days to 12 months.
- Savings accounts with up to 20% annual interest on fixed deposits.
- Carbon Zero: A buy now, pay later feature allowing users to spread payments into 4 installments at 0% interest.
- Virtual and physical debit cards (Pink Passport) for online and offline transactions with instant payment notifications and cashback rewards.
- Digital "Ajo" (Carbon Circles) for collaborative savings with friends and family.
- Free credit reports to track credit history and improve creditworthiness.
- Bill payment functionality for utilities, cable TV, and other services.
- CBN licensed current accounts with 30 free transfers monthly.
- In-app customer support via email and direct messaging.