The seed funding round 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 $1.3 million pre-seed round.

The seed funding would help the company launch new products and expand into new business verticals in Nigeria.

Founded by Yele Oyekola and Tunde Akinnuwa, Duplo went live in January 2022. The startup has seen great traction with FMCG distributors and finance teams of midsize and enterprise businesses, helping them to digitize 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. 

These users 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 the back office processes of generating and processing invoices, receiving and approving bills, collecting and disbursing funds, and completing account reconciliation. 

“Duplo works seamlessly 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 percent and reduce payment-related costs by up to 85 percent.”

The company affirms to have increased the number of businesses on its platform by 1000% in the last six months and has a Total Payment Volume that has also increased by 4200% in the last 5 months.

Duplo will utilise most of the fund for the improvement of its product, tech and sales as well as move into other sectors aside from FMCG retail, to businesses in travel, farming, B2B marketplaces, alcohol and beverages.

Yele Oyekola, a former product lead at Carbon, started Duplo based on his experience as an economic policy officer for the UN in Africa, where touring different countries opened his eyes to how people and businesses were heavily reliant on cash.

With Duplo, distributors can create unique virtual accounts for retailers and agents to make real-time payments or bank transfers, while the platform helps to reconcile their books automatically.

Duplo charges a 1% fee for every transaction performed on its platform. And depending on their size, businesses also pay between ₦100 (~$0.20) to ₦1,000 (~$2.00) to create virtual accounts.

Besides providing tools that enable B2B companies to digitize their payment flows, there’s a no-code tool for them to optimize trade with their business customers, vendors and suppliers. The platform also helps these companies to generate or pay invoices, offer credit to their business customers and a dashboard to attribute payment flows to a particular customer, retailer or location.

The company, which launched its pilot three months ago, affirms that customers reported cost savings of more than 12% within that period. Duplo has also grown 60% month-month to serve 20+ enterprise businesses. Currently, it has processed over $380,000; however, Duplo has plans to reach $40 million in annualised TPV by the end of Q2.

Last November, Duplo got into Y Combinator and is taking part in the accelerator’s current winter batch. The YC-backed startup has also raised a $1.3 million pre-seed round led by early-stage pan-African VC firm Oui Capital to further its growth. A mix of local and international investors such as MyAsia VC, Y Combinator, Flutterwave CEO Olugbenga “GB” Agboola and Mono CEO, Abdul Hassan participated.