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Traction raises $6m in seed funding to accelerate business growth

By Delisha Fernandes

August 03, 2023

  • Credit Facilities
  • FinTech Africa
  • Fintech news

TractionTraction, a Nigeria-based platform for small businesses to accept payments, run their businesses and access capital for growth, has announced that it has raised $6 million in a seed funding round.

The round was led by investors like Multiply Partners, Ventures Platform, and P1 Ventures to reshape how small businesses thrive in Africa.

The company stated that it is building the rails that will propel businesses to new heights. From seamless payment solutions to flexible credit facilities, it has the tools to scale, prosper, and impact communities.

Mayowa Alli, co-founder of Traction, said, “One more step closer to empowering African businesses with the tools to accept payments, run effective businesses and grow. Grateful to our lead investors who have shown faith in the vision and all other investors who participated. And thanks to the village that made this happen- all the talented people at Traction Apps working hard to serve small businesses every day.”

Traction aims to extend beyond profits to empower, inspire, and create lasting change. The app is a developer of a financial platform meant to take payments from small businesses. The company’s platform offers all the tools needed for managing a business, including the ability to track sales, generate invoices, receive payments, keep track of inventory, and get funding for business expansion.

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