OmniRetail, a Nigerian-based B2B e-commerce startup has acquired Traction Apps, a payment provider and inventory management solution for small businesses in Nigeria.
The transaction was facilitated by Venture Platform, an investor in both OmniRetail and Traction.
This move aims to boost financial services and trade solutions for small and medium-sized enterprises (SMEs) within the fast-moving consumer goods (FMCG) sector
According to projections, the newly combined entity will process over ₦1.8 trillion annually and facilitate loans worth ₦200 billion per year.
The Acquisition
“This acquisition is a testament to the synergies we have built with Traction. What started as a partnership to integrate Traction’s POS into OmniPay for card payments has grown into a full merger. Together, we will simplify payments, credit access, and loyalty solutions for retailers, helping them thrive in an increasingly digital market”, Rustagi Deepankar, CEO of OmniRetail said.
By acquiring Traction’s merchant POS services, OmniRetail will integrate Traction with its payment platform Omnipay.
The acquisition also means OmniRetail onboarding both debt and equity from Traction. This will allow Traction’s investors to benefit from the continued growth of the combined entity.
Mayowa Alli, co-founder of Traction said confirmed in his statement;
“This will allow us to scale our solutions and accelerate our vision of simplifying payments at the retail level. OmniRetail’s ecosystem will enable us to bring our innovative solutions to a wider audience, benefiting even more small businesses across Nigeria and beyond”.
Traction
Founded by Mayowa Alli and Dolapo Adejuyigbe in 2020, Traction offers payment acceptance, lending, and retail software solutions tailored for small businesses.
OmniRetail
OmniRetail is a unified consumer goods distribution platform that improves the inefficiencies of traditional trade by digitizing the key stakeholders.
Recognised as the Financial Times’ fastest-growing African company, OmniRetail has 3 products;
OmniBiz– the B2B e-commerce platform
Mplify– a Distribution Management Solution
OmniPay– the embedded finance solution for OmniBiz and Mplify.
Traction’s founding team will join OmniRetail’s leadership, focusing on growing OmniPay, integrating solutions, and driving product development.
The full integration of Traction with OmniPay is expected to be completed by the end of first quarter in 2025.
