Nigerian Fintech Traction Raises USD 6 M Seed Funding Round

Traction, the Nigeria-based merchant solution platform that today announced a USD 6 M seed round led by Pan-African investor Ventures Platform and Multiply Partners, with participation from P1 Ventures and other investors.

Traction, founded in 2020 is a fintech that allows small companies to receive payments, manage accounts, and access operational tools. Traction allows merchants to receive payments, manage accounts, and gain access to a range of tools which include a full retail POS system, E-commerce, and invoicing. The fintech platform also helps SMEs to access capital to keep businesses running. Traction focuses on both classic and premium merchants, serving as the initial contact with digital payment means and financial services for the two categories of merchants who are also over 75% of the platform users. The company’s platform also has products ranging from food and restaurants, fast-moving consumer goods, grocery chains, fashion, beauty, lifestyle enterprises, electronics retailers, and healthcare facilities.