Håfa Adai,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- OmniRetail acquires Traction Apps
- Woven Finance’s brand refresh
- 49 currencies, 1 payroll: PaidHR’s new trick
OmniRetail acquires Traction Apps
OmniRetail, a B2B eCommerce player, has just acquired Traction Apps, a fintech company known for its payment tools tailored for small businesses. While the acquisition price hasn’t been disclosed, it’s clear this move is significant.
Founded by ex-McKinsey consultants Mayowa Alli and Dolapo Adejuyigbe, Traction Apps has made a name for itself by reaching over 100,000 merchants in just four years, even raising $6 million in a seed round in 2023 with backing from Ventures Platform and others .
So, what’s the plan here? The Traction PoS solution is set to be integrated into OmniPay, a payment solution OmniRetail launched back in 2020. They’ll be managing this integration in phases, aiming for completion by the end of Q1 2025. This is a smart move, as it will streamline payments for retailers and SMEs, helping them thrive in a digital-first world .
Alli and Adejuyigbe are jumping on board with OmniRetail, with Alli taking on the role of Director of Technology for Payments and Adejuyigbe stepping in as Director of Operations for Payments.
Both are pumped about the acquisition, stating it will help Traction’s services reach a much larger audience. As Adejuyigbe puts it, “As part of OmniRetail, we will become the leading growth partner for SMEs across Nigeria” .
With this merger, the new entity is projected to process a whopping ₦1.8 trillion in transactions and around ₦200 billion in loans annually! Plus, their customer base is set to expand to 180,000 merchants, which is impressive and shows just how much potential they have to impact the market.
Investors are on board too! Ventures Platform, which invested in both startups, played a role in this acquisition and believes in leveraging the strengths of its portfolio companies.
Woven Finance’s brand refresh
Remember that buzz earlier this year about Woven Finance potentially shutting down? Yeah, that got a lot of people worried. In January 2024, an email warning customers about an impending shutdown went out, but the fintech quickly clarified that it was all a big misunderstanding.
Frank Ugwulali, the Head of Products and Partnerships, explained that the email was intended for internal use, focusing on risk assessment and strategy reviews.
Fast forward eight months, and it looks like Woven Finance is doing just fine. Ugwulali shared that the company has been growing its customer base steadily and has its sights set on becoming one of the top five payment companies in Nigeria within the next three years.
To support this ambition, they’re gearing up for a brand refresh to reintroduce their solutions to customers. As a licensed payment solution service provider, Woven Finance has been helping merchants receive payments via card and bank transfers, making transactions smoother for everyone involved.
What’s cool is that Woven Finance, founded in 2020 by Adedeji Olowe, was among the first to roll out virtual accounts in Nigeria. While virtual accounts are now everywhere, Ugwulali highlighted that they stand out by offering actionable metrics for businesses using their platform.
So, if you want to learn more about Woven Finance’s exciting brand refresh and how they plan to keep evolving, check out Bolu’s latest story!
49 currencies, 1 payroll: PaidHR’s new trick
Nigerian HR tech startup PaidHR has just rolled out a new feature that allows employees globally to receive their salaries in 49 different currencies!
If you’re wondering why, the talk of the town is that the feature is a part of the company’s growth plan, as it aims to raise $1.5 million in seed funding to expand operations and scale this product.
In February, they secured $500,000 from several investors, including Zrosk IML and Microtraction, which shows there’s plenty of interest in what they’re doing.
Since its founding in 2020, PaidHR has been making waves in the HR tech space, helping over 200 businesses streamline their human resource functions, with around half of those being African companies.
In fact, they processed an impressive ₦11.473 billion in salaries last year and are on track to double that in 2024. With the naira losing value by 70% since May 2023, this cross-border payroll feature couldn’t come at a better time for companies trying to shield themselves from economic instability.
This new payroll feature is a game changer for businesses with employees in multiple countries, allowing them to pay salaries in local currencies. Per CEO Seye Bandele, this innovation was driven by user demand and has been part of PaidHR’s roadmap since 2021.
The cross-border payroll solution also includes a proprietary wallet that lets employees convert their earnings into whatever currency they prefer, giving them more flexibility over their finances.
However, PaidHR is still firmly rooted in HR tech; they don’t hold customer deposits but instead partner with licensed financial institutions to handle transactions, which helps them stay compliant.
As they continue to expand their product offerings, PaidHR is also looking to make waves in three new markets by the second quarter of 2025, reaching even more businesses across Africa.
In case you missed them
- Intelsat mulls major satellite outage recovery as unlikely
- Nigerian government partners with Ericsson to advance 5G connectivity
What I’m watching
- ON God, A.I., and the Problem of Evil
- The Modern Antinatalist
Opportunities
- Spiralyse is hiring a frontend developer. Apply here.
- An organisation is hiring a virtual assistant. Apply here.
- Interswitch is looking for a Data Scientist and Business Developer Manager in Lagos. Apply here.
- Flutterwave is hiring for several roles in Nigeria, Malawi, Egypt, and South Africa. Apply here.
- Paystack is hiring for several roles in Nigeria and Ghana. Apply here.
- Moniepoint is recruiting for several roles in Lagos and remotely. Apply here.
- Briter Bridges is hiring for several roles in Nigeria, Kenya, and London. Apply here.
- Follow Techpoint Africa’s WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a lovely Tuesday!
Victoria Fakiya for Techpoint Africa.
