Afrigather OmniRetail, a Nigerian-based B2B e-commerce startup recognised because the Monetary Occasions’ fastest-growing African firm, has acquired Traction Apps, a fee supplier and stock administration answer for small companies in Nigeria. This transfer goals to spice up monetary companies and commerce options for small and medium-sized enterprises (SMEs) inside the fast-moving client items (FMCG) sector.
By buying Traction’s service provider POS companies, OmniRetail will combine Traction with its fee platform Omnipay. The newly mixed entity is projected to course of over ₦1.8 trillion yearly and facilitate loans value ₦200 billion per yr.
“This acquisition is a testomony to the synergies we now have constructed with Traction. What began as a partnership to combine Traction’s POS into OmniPay for card funds has grown right into a full merger. Collectively, we’ll simplify funds, credit score entry, and loyalty options for retailers, serving to them thrive in an more and more digital market”, Rustagi Deepankar, CEO of OmniRetail stated.
The transaction was facilitated by Enterprise Platform, an investor in each OmniRetail and Traction. Each groups declined to reveal the transaction worth of the deal. Nevertheless, as a part of the acquisition, OmniRetail will onboard each debt and fairness from Traction, permitting Traction’s traders to profit from the continued development of the mixed entity.
“This may permit us to scale our options and speed up our imaginative and prescient of simplifying funds on the retail degree. OmniRetail’s ecosystem will allow us to deliver our progressive options to a wider viewers, benefiting much more small companies throughout Nigeria and past”, Mayowa Alli, co-founder of Traction stated.
Based in 2020 by Mayowa Alli and Dolapo Adejuyigbe, Traction affords fee acceptance, lending, and retail software program options tailor-made for small companies. Its founding staff will be a part of OmniRetail’s management, specializing in rising OmniPay, integrating options, and driving product improvement.
The total integration of Traction with OmniPay is predicted to be accomplished by the tip of Q1 2025, with enhanced companies rolling out to prospects thereafter.
