Traction Apps has connected with over 100,000 merchants since 2020, while in 2023, the company secured USD 6 million in a seed funding round, attracting investments from Ventures Platform, Multiply Partners, and P1 Ventures.
OmniRetail aims to use the data gathered from merchants' payment activities to provide extra financial services. After the acquisition, the Traction PoS solution will be incorporated into OmniPay, a payment platform launched by OmniRetail in 2020. This integration will be implemented in phases and is anticipated to be finalised by the end of the first quarter of 2025. Furthermore, Traction's founding team will be integrated into OmniRetail to expand OmniPay.
Officials from OmniRetail stated that this acquisition highlights the synergies they have developed with Traction. What began as a collaboration to incorporate Traction’s POS into OmniPay for card transactions has evolved into a complete merger. Their mission is to simplify payments, increase credit access, and improve loyalty solutions for retailers and SMEs, enabling them to succeed in a progressively digital marketplace.
Over USD 1.092.582.000 trillion in transactions and USD 121.398.000 billion in loans are expected to be processed each year by the newly established entity. At the same time, its customer base will expand to 180,000 merchants. Ventures Platform, an investor in both startups, played a role in the transaction and had previously aided in the acquisition.
Merchants face a dynamic and evolving market, which presents both challenges and opportunities. With the rise of digital technology, many are embracing ecommerce platforms to reach a broader audience and upgrade their sales. This shift not only helps them overcome geographical limitations but also equips them with the ability to improve marketing strategies and customer engagement tools.
However, navigating this digital landscape requires adapting to new trends and technologies, such as mobile payments and social media marketing. By leveraging local resources and embracing global best practices, they are poised to make contributions to the country's economic growth and development.
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