Traction, a Nigerian provider of a merchant solution platform, raised $6m in seed funding.
The round was led by Multiply Partners and Ventures Platform with participation from P1 Ventures, amongst other investors.
The company intends to use the funds to strengthen the team and expand its business reach, with plans to scale operations in the country and outside Nigeria, either organically or through M&A
Led by Mayowa Alli and Dolapo Adejuyigbe, Traction has developed a one-stop platform that enables businesses to accept payments, manage finances, and access essential operational tools. With Traction, business owners can accept payments via POS terminals or virtual accounts, use point-of-sale software to record their sales, track inventory, and manage customers through CRM & loyalty solutions. The solution also offers a range of financial services, including merchant wallets, cash advance loans, savings, and bill payments.
In 2022, the company achieved 7x growth increase in revenue and an 8x surge in transactions while serving over 70,000 businesses in Nigeria.
FinSMEs
02/08/2023