Nigerian B2B payments company raises over $4m
Nigerian payments company Duplo announced an oversubscribed seed funding round of $4.3 million from a coalition of investors and angels. 45 investors invested in the round, which included participation from Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, and Y Combinator. Oui Capital also re-invested after participating in the previous round.
Duplo’s end-to-end solution automates the back office processes of generating and processing invoices, receiving and approving bills, collecting and disbursing funds, and completing account reconciliation.
The platform works with all major accounting and ERP platforms such as Microsoft Dynamics, SAP, QuickBooks, and Sage, and payments processed through Duplo are automatically synced with these platforms in real-time. With Duplo, businesses can cut time spent on admin tasks such as account reconciliation by up to 50% and reduce payment-related costs by up to 85%.
Since going live in January 2022, Duplo has seen traction with FMCG distributors and finance teams of mid-size 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.
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