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OmniRetail’s $20M Series A Fuels Expansion of Embedded Finance in African Retail

Retail

Business Honor
30 April, 2025

Empowering informal retailers with credit, payments, and tech-driven supply chain optimization.

Lagos, Nigeria — OmniRetail, a fast-rising star in Africa’s B2B e-commerce space, has secured $20 million in Series A funding to scale its embedded finance offerings and digital infrastructure across Nigeria, Ghana, and Ivory Coast. The equity round was co-led by Norfund and Timon Capital, with notable support from Ventures Platform, Aruwa Capital, and Flour Mills of Nigeria.

Founded in 2019, OmniRetail aims to modernize informal retail networks by offering inventory financing, order digitization, and digital payments through a streamlined mobile app. The company's asset-light model supports over 150,000 informal retailers and 5,800 distributors, enabling them to access working capital via its BNPL product, Omnipay. With ₦19 billion (~$12 million) disbursed monthly and near-zero defaults, OmniRetail is setting a new benchmark in Africa’s financial inclusion drive.

A strategic acquisition of Traction Apps in 2024 has given OmniRetail full-stack payment capability and deeper insight into retailer-level data. This move strengthens its underwriting and supports tailored credit services — vital for growing merchants in an underserved ecosystem.

“We are building an ecosystem, not just a platform,” said CEO Deepankar Rustagi. “With embedded finance, we’re solving real-world problems in goods movement and access to capital.”

The latest funding will power expansion into new FMCG categories such as cold storage, personal care, and home care, while further upgrading warehousing, logistics, and credit tools. OmniRetail, now net profitable, also reported a 35% growth in net merchandise volume and a 40% revenue increase over the past year.

Norfund’s participation marks its first direct equity stake in an African startup. “OmniRetail is bridging critical infrastructure gaps in Africa’s commerce sector,” said Cathrine Conradi, investor director at Norfund.

As OmniRetail deepens its embedded finance stack, it is reshaping informal trade in West Africa—creating a future where small businesses thrive with access to modern financial tools and operational efficiency.