Mixed Reactions Trail Paylater’s Rebranding as the Fintech Startup Changes Name to ‘Carbon’
Digital lending platform, Paylater has today unveiled its highly-anticipated new name, which it says represents its growing digital offerings. Now rebranded as “Carbon“, the fintech startup reflects its versatility and its transition into a full-fledged digital bank.
Last month, the startup unveiled its plans to rebrand and mentioned that it will not just be the name changing. Soon after that announcement, the startup raised a $5m funding from international lending platform, Lendable and confirmed its full transition into a full-fledged digital bank. This was followed by an acquisition of payments company Amplify.
And since it will be going beyond credit offering, the name Paylater doesn’t really do justice hence the change.
Now going as Carbon, the startup positions itself as a financial partner and an essential part of its customers. Providing a wide portfolio of services, the platform would now be offering bill payments, airtime purchases, free credit reports and a wallet for its customers. It will also be offering in-app credit reports and finance management for its customers – all beyond its traditional money lending.
The startup also recently launched Bloom, a support system for female business owners.
Carbon is also looking to unveil new innovative products such as credit via QR codes (in partnership with Visa). It is also working hard to reduce its customers burden by providing additional features such as health plans, accident and life insurance etc. All of these paint a picture of a company that has fully shifted from just digital lending to an all-round digital finance platform.
“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 fulfil 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”Carbon’s (Paylater) co-founder and CEO Chijioke Dozie.
Users React to the name Change
Since the announcement of the name change, users have taken to online platforms to air their mixed reactions. Some users applauded the name change, saying it is great.
On the flipside, many users are not really feeling the new name. Infact, a particular Twitter user thinks its a fail.
Regardless of how users are reacting to it, Paylater has rebranded to Carbon and isn’t going back.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.