Duplo, a Nigerian B2B payments startup, has raised $4.3 million in seed funding. This comes only seven months after the company announced a $1.3 million pre-seed investment, bringing its total funds raised to $5.6 million.
According to the company, the funds will be used to launch new products and expand into new business areas in Nigeria. Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, Y Combinator, and existing investor Oui Capital are among the seed round investors.
Duplo’s end-to-end solution, launched in September 2021 by Yele Oyekola and Tunde Akinnuwa, automates the back-office processes of generating and processing invoices, receiving and receiving and approving bills, collecting and disbursing funds, and completing account reconciliation for finance teams. Duplo integrates with all major accounting and ERP systems.
With Duplo as a part of the Y Combinator Winter 22 batch, its CEO, Yele Oyekola, said the accelerator was extremely helpful in teaching them what to avoid in the early stages and how to achieve product-market fit.
Despite a recent global slowdown in funding and uncertainties with their current seed funding round, Duplo has raised $5.6 million in pre-seed and seed funding. According to Oyekola, this is due to investors’ excitement about the opportunity in the B2B payments sector in Nigeria and across Africa.
Because of the complex processes involved in making payments, the B2B payments sector has long been overlooked. This sector has the potential to be transformed by a digital solution such as Duplo.
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