Duplo, a B2B payment platform, has secured a $4.3M seed round.
Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, Nama Ventures, Y Combinator, and returning investor Oui Capital all participated in the round.
Yele Oyekola and Tunde Akinnuwa founded Duplo in 2021 with the intention of assisting FMCG distributors and finance teams of midsize and enterprise organizations to automate and streamline the way money is transferred between them and their business partners.
FMCG distributors may add merchants to the Duplo platform, making it simpler for them to accept payments online and gain real-time business performance information.
Additionally, they can automate payments to suppliers, manufacturers, and vendors, and quick payments let them do more transactions in larger volumes.
“We have seen a lot of innovation in consumer payments in Africa in recent years, but business-to-business payments have largely stayed the same,” says Yele Oyekola, CEO and co-founder of Duplo. We are excited to have raised money from this exciting group of investors to deliver this much-needed transformation because we firmly believe that there is a great opportunity to catalyze growth and maximize business opportunities across the continent by removing the bottlenecks that prevent the seamless flow of money between businesses.
With the funding, Duplo plans to grow into new industry sectors in Nigeria and introduce new products.
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Anchor, a banking as a service startup in Nigeria, secures a $1 million pre-seed funding round