Paylater rebrands as Carbon after securing $5m investment

Paylater is a fintect company which empower individuals with access to credit and simple payments solutions, has relaunched as ‘Carbon‘ and has added new services that go beyond banking services.

This rebrand marks the company’s transition to a fully-fledged digital financial services platform that now offers bill payments, fund transfers and savings products, in addition to loans.

This new development lays the foundations for Carbon’s focus on providing a wide portfolio of services for its customers, as it introduces in-app credit reports and partners with Visa to provide credit via QR codes. Other services that come with the name change include free credit reports and a wallet for its customers to perform discounted transactions. The company also has plans to provide health insurance for its customers and will be launching their own virtual Visa card in the future, for customers to handle transactions.

According to the company’s co-founder and CEO Chijioke Dozie,“It was very deliberate – most of our customers only know us as Paylater which conjures up images of credit, but we have grown as a company to offer so much more. Carbon is one of the most essential elements for human life, it is found in all life forms and is extremely versatile. So to us, Carbon represents our aspiration to go everywhere with our customers, become an essential part of their lives and be versatile enough to change or innovate to fulfill their needs. We know what our customers’ pain points and needs are when it comes to banking in Africa and we are building financial products around them”.

Co-Founder Ngozi Dozie added: “We’re in a competitive space but whoever serves the customer best will reap the rewards. That’s been the thinking behind our product evolution, whether it’s our Bloom account targeted at female entrepreneurs or the partnerships we’ve been working on in the healthcare sector. The focus is on being attentive to what our customers want and need”.

if you recalled the company recently acquired payments company Amplify, to aid its new financial services. Carbon also secured a $5mn investment from fintech platform Lendable and in 2018, became the first African fintech platform to secure a Credit Rating.

The updated Carbon mobile app is now available for download on the Google Play Store.