Vella 2.0 is designed to connect TradFi with DeFi and cryptocurrency rails. Credit: geralt from Pixabay.

Nigeria-based fintech startup Vella Finance has introduced a new platform to facilitate cross-border payments for small- to medium-sized businesses (SMBs) in Africa.

This platform includes a new user interface and a number of tools.

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The new Vella 2.0 is designed to connect TradFi with DeFi and cryptocurrency rails to offer alternative payment solutions to the SMBs.

In addition, Vella Finance’s new solutions involve Global Pay, which is a hybrid payments tool that allows businesses to make direct payments to vendors, suppliers and partners in more than 80 countries worldwide.

By integrating Vella’s invoice, hybrid checkout and payment link, various users including businesses, freelancers, vendors and traders will be able to accept payments in fiat and stable coins globally.

The users can also receive settlements in local currencies.

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Vella Finance co-founder and COO Tolu Adedayo said: “Our long-term goal at Vella is to become the preferred payment partner for 80% of businesses originating from Africa.”

The new Vella Boost solution is capable of enabling businesses to invest cash flow that would otherwise remain unused.

Vella’s fintech-as-a-service (FaaS) allows companies to transact in crypto so that they can handle embedded finance, cards, wallets and payments, noted the startup.

Vella Finance CEO Mark Afolabi added: “Vella’s sweet spot is our ability to layer regular traditional finance which businesses are already familiar with on top of crypto infrastructures.

“We were first merchants, then small business enablers; we share firsthand experience from a small business owner’s perspective.”