Duplo, a Nigerian fintech offering payments solutions to businesses across the continent, has raised $4.3 million in a seed round.
According to Duplo, the round was oversubscribed with 45 investors participating, including angels who bought into the company’s mission and vision of digitizing payments for African businesses.
Investors who participated in the seed round include:
- Y-Combinator
- Basecamp
- Oui Capital
- Soma Capital
The startup, which started operations in 2022, has found clients among FMCG (fast moving consumer goods) distributors and finance departments, helping them to digitize and simplify the way money moves between them and their business partner.
The business has grown, increasing the number of clients on its platform by 1,000%, while the payments they received have grown by 5,000% in the last 3 months.
Specifically, Duplo says that 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, Duplo’s end-to-end solution automates several back office processes, including:
- Generating and processing invoices
- Receiving and approving bills
- Collecting and disbursing funds
- Completing account reconciliation
The startup also says that its platform works seamlessly with all major accounting, and ERP platforms including Microsoft Dynamics, SAP, QuickBooks, and Sage. As such, users can expect that payments processed through Duplo are automatically synced with these platforms in real-time.
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