Nigerian-based business-to-business payment platform Duplo has secured $4.3 million in seed funding, OduNews reports.
The round was led by Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, Y Combinator, and Oui Capital.
The company intends to use the funds to launch new products and expand into new business verticals in Nigeria.
Led by CEO Yele Oyekola, and CPO Tunde Akinnuwa, Duplo is a B2B payment platform that enables African businesses to pay each other by providing digital tools that enable an efficient, cost-effective and transparent process of making and receiving payments.
Since going live in January 2022, Duplo has seen great traction with FMCG distributors and finance teams of midsize and enterprise businesses, helping them to digitise and simplify the way money moves between them and their business partners.
FMCG distributors can onboard retailers in their network on the Duplo platform, making it easier for them to collect payments digitally and access real-time insights into business performance. They can also automate payments to vendors, manufacturers and suppliers, with instant payments enabling them to transact in larger quantities.
For finance teams, the solution automates the back office processes of generating and processing invoices, receiving and approving bills, collecting and disbursing funds, and completing account reconciliation.
Duplo works with all major accounting and ERP platforms such as shopping mode Microsoft Dynamics, SAP, QuickBooks and Sage, and payments processed through Duplo are automatically synced with these platforms in real-time.