Nigerian FinTech Traction raises $6m in seed funding amidst expansion plans

Nigerian e-commerce platform Traction has announced that it has raised $6m in a seed investment round, as it looks to accelerate company growth. 

The round was led by Multiply Partners and Ventures Platform, with participation from P1 Ventures, amongst other investors, and it is expected that the funds will be utilised to scale its Nigerian operations. 

Traction co-founder, Mayowa Alli said: “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 beer-informed decisions.”

Founded in 2020 by Alli and Dolapo Adejuyigbe, Traction is a FinTech company that allows users to receive payments, manage accounts, and access operational tools, such as a full retail POS system, and e-commerce. 

Traction’s success has been a continuation of Nigeria’s FinTech dominance across Africa, which has seen the nation become the industry’s pre-eminent force on the continent in 2023 – taking a 42% share of deals across Q2 in 2023. 

Since its inception, Traction claims that it has gained more merchants than any of its continental competitors across the sector, while serving over 70,000 businesses across Nigeria. 

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