Duplo, a Nigerian B2B payment startup, announced Wednesday it has raised a $4.3 million seed round.
With the new funding, the startup said it plans to launch new products and expand into new business areas in Nigeria.automates the back-office processes of generating and processing invoices, receiving and approving bills, collecting and disbursing funds, and completing account reconciliation for finance teams.
It said with Duplo, businesses can cut time spent on admin tasks such as account reconciliation by up to 50 per cent and reduce payment-related costs by up to 85 per cent. Speaking on the funding round in a statement, the CEO and co-founder Yele Oyekola, said: “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.