Traction, a Nigerian fintech startup that provides a mobile app for businesses to accept payments, generate invoices, manage inventory, and track payments, has secured a $6 million seed round. The round was led by Pan-African investor Ventures Platform and Multiply Partners, with participation from P1 Ventures and other investors.
Founded in 2020 by Mayowa Alli and Dolapo Adejuyigbe, Traction has already seen significant growth, with over 10,000 merchants using its app. The new funding will be used to accelerate Traction’s growth in Nigeria, strengthen its team, and drive expansion outside Nigeria.
“We are excited to announce this investment, which will allow us to scale our business and reach more merchants across Nigeria and beyond,” said Mayowa Alli, co-founder and CEO of Traction. “We believe that our platform has the potential to transform the way businesses in Africa accept and manage payments, and we are committed to providing the best possible tools and services to our customers.”
Traction’s app is designed to make it easy for businesses to accept payments from customers. Merchants can use the app to create a QR code that customers can scan to pay with their mobile phones. Traction also offers a variety of other features, such as the ability to generate invoices, manage inventory, and track payments.
The Nigerian market for payment solutions is growing rapidly, as more and more businesses are looking to accept electronic payments. Traction is well-positioned to capitalize on this growth, as its app is easy to use and offers a variety of features that are essential for businesses of all sizes.
With the new funding, Traction is well-positioned to become a leading payment solution provider in Nigeria and beyond. The company is already planning to expand into other African countries, and it is confident that its platform will be well-received by businesses in these markets.