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Home Funding

Traction, a startup offering merchant solutions in Nigeria, raises $6 million

Tech Gist Africa by Tech Gist Africa
08/05/2023
in Funding, News - West Africa
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Traction Nigeria

Traction Nigeria

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Traction, a merchant solution platform in Nigeria, received US$6 million in seed capital to fuel development, hire more people, and improve infrastructure.

P1 Ventures was one of the investors in the seed round, which was co-led by Multiply Partners and Ventures Platform.

Businesses can now collect payments, manage their money, and get access to crucial operational tools thanks to Traction’s comprehensive one-stop platform.

Owners of businesses can collect payments through POS terminals or virtual accounts, record transactions using point-of-sale software, keep track of inventory and manage customers using CRM and loyalty programs. 

The platform also provides a number of financial services, such as bill payment, merchant wallets, cash advance loans, and savings. T

The

Clafiya, a health tech startup in Nigeria, has raised $610,000 in pre-seed funding  Central Bank of Nigeria granted Traction a license for payment solution services last year, enabling it to function as a provider of payment solutions for a range of payment categories.

“Our goal at Traction is to be the digital operating system for businesses on the continent. We want to help them digitize their operations, efficiently manage finances, and make better-informed decisions,” said co-founder Mayowa Alli.

In 2022, Traction served over 70,000 firms in Nigeria and had a 7x rise in revenue and an 8x increase in transactions. 

Traction plans to explore growth outside of Nigeria over the next 18 months, either organically or through M&A, but the new capital will be focused on increasing operations in Nigeria. 

 

Read more on Tech Gist Africa:

Nigerian green initiatives receive $13 million from FSDAi and InfraCredit

Remedial Health, based in Nigeria, secures US$12 million in a debt and equity funding round

Clafiya, a health tech startup in Nigeria, has raised $610,000 in pre-seed funding 

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Tech Gist Africa

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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