New Investments

Nigeria-based merchant solution platform Traction raises $6 million seed to scale its operations

Nigerian-based merchant solution platform Traction has secured a $6 million seed to scale its operations.

The funding was led by Multiply Partners and Ventures Platform with participation from P1 Ventures, amongst other investors.

Traction’s platform offers a comprehensive suite of payment solutions, catering to merchants of all sizes, from small businesses to large enterprises.

By leveraging advanced technology and robust security protocols, Traction has set new standards for seamless and secure payment transactions.

The Nigerian payment industry has experienced tremendous growth in recent years, driven by the increasing adoption of digital payments and e-commerce.

As the largest economy in Africa, Nigeria presents significant opportunities for fintech companies to tap into a market with over 200 million people, most of whom remain unbanked or underbanked.

With Traction’s innovative approach to merchant acquiring and the backing of major investors, the company is well-positioned to capture a significant share of this burgeoning market.

The funds raised in the seed round will primarily be directed towards expanding the platform’s merchant network, enhancing its technology infrastructure, and investing in talent acquisition to scale operations effectively.

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