Nigeria-based fintech startup Traction has raised $6 million in a seed round to help small businesses gain access to digital tools and financial services. Founded in 2020, Traction offers a bank-agnostic platform that allows small companies to receive payments, manage accounts, and access operational tools. The platform's end-to-end digitization includes point-of-sale software, POS terminals, virtual accounts, and additional services like merchant wallets, cash advance loans, savings, and bill payments. Traction serves two categories of merchants: classic and premium, and it has seen significant growth, serving over 70,000 businesses across Nigeria and disbursing over N2 billion in loans. With the new funding, Traction plans to accelerate its growth in Nigeria and expand its services outside the country.
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