OmniRetail, a Nigerian tech startup revolutionizing supply chains for informal retailers, has raised $20 million in Series A funding to accelerate its growth across Nigeria, Ghana, and Côte d’Ivoire. The company aims to strengthen its footprint in West Africa while expanding its embedded finance offerings, including credit services tailored for small retailers.
The funding round marks a significant milestone, with Norfund—the Norwegian Investment Fund for developing countries—making its first-ever direct investment in an African startup. Returning investor Timon Capital, which supported OmniRetail’s earlier round in 2022, also participated. Other notable backers include Ventures Platform, Aruwa Capital, Goodwell Investments via Alitheia Capital, and Flour Mills of Nigeria.
Profitability and Performance in 2024
OmniRetail achieved profitability in 2024, a rare feat in the African tech ecosystem. The company processed over ₦1.3 trillion ($808.7 million) in transactions and reported a 40% revenue increase year-on-year. Its Buy Now, Pay Later (BNPL) platform currently disburses an impressive ₦19 billion monthly, providing vital credit access to thousands of small-scale retailers.
Strategic Expansion and Acquisitions
In October 2024, OmniRetail acquired Traction Apps, a fintech company offering payment and business tools for small enterprises. This acquisition bolstered OmniRetail’s capabilities, enhancing its support for FMCG distributors and expanding its suite of digital retail services.
Since its launch, the startup has now raised a total of $38 million, including a $15 million pre-Series A round in 2022. With this latest investment, the company is set to double down on its mission: digitizing the informal retail sector, which forms the backbone of trade across Sub-Saharan Africa.
Bridging Gaps in Informal Trade
Informal retailers play a crucial role in Africa’s economy but often grapple with fragmented supply chains and limited access to financing. OmniRetail’s platform directly connects these retailers with manufacturers and distributors, streamlining inventory access and integrating embedded financial tools to foster business growth.
By combining logistics, technology, and finance, OmniRetail is redefining how Africa’s informal markets operate—paving the way for a more connected, efficient, and inclusive retail ecosystem.
