Nigerian fintech startup Vella has launched its platform, which it says enables borderless transfers and remittances across the world, powered by crypto.
Launched in beta late last year, Vella has since onboarded more than 250 users, and successfully completed over 230 transactions worth over US$12,000.
“Vella is positioned to become a facilitator and an enabler for crypto utility and spend-ability in Africa, offering both fiat and crypto rails to power remittance and payments for African individuals and businesses,” co-founder Tolu Adebayo told Disrupt Africa.
While fintech is gaining exposure and traction in Africa, a truly borderless payments infrastructure and crypto utility system has not been achieved, he said. Vella is out to make that happen.
The bootstrapped startup is for now only active in Nigeria, but aims to expand into Ghana, Kenya and South Africa in future. It makes revenues from commissions on transactions and fiat-crypto swap spreads.
