Traction is a bank-agnostic merchant solution platform that helps MSMEs accept payments, manage accounts, and access operational tools. Its core product suite includes point-of-sale software, POS terminals, virtual accounts, merchant wallets, and integrations for inventory, sales recording, and customer management. The platform also offers financial services such as cash-advance loans, savings, bill payments, and vertical-specific tools for food and restaurants, FMCG and grocery, fashion and beauty, electronics, and healthcare. Founded in 2020 by Mayowa Alli and Dolapo Adejuyigbe, Traction serves over 70,000 businesses across Nigeria and reported a 7x increase in revenue and an 8x increase in transactions last year. The company has disbursed over N2 billion in loans with one of the lowest NPL ratios in the industry and operates under a payments solution services license. With the new capital, Traction plans to accelerate growth in Nigeria, strengthen its team, and pursue expansion outside Nigeria with tailored market approaches.

Total raised

$6M

Funding rounds

1

Latest round

Seed

Latest activity

Aug 2023