Duplo raises $4.3mn seed funding

Duplo, a business-to-business payment platform, has recently secured $4.3 million in seed funding to drive its expansion into new business verticals in Nigeria. The funding round was led by prominent investors such as Liquid Two Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Base Cap Fund, and Y-Combinator. Yele Oye Cola, the CEO and co-founder of Duplo, shared insights on the company's growth and future plans during a recent interview on CNBC Africa. Yele Cola highlighted Duplo's mission to streamline and digitize business payments in Africa, where the current landscape is plagued by manual processes and non-standardized invoicing systems. He emphasized the immense opportunities for innovation in Nigeria, a key market for Duplo, given its size and economic significance in Africa. One of the key points discussed during the interview was Duplo's strategic approach to utilizing the new investment. Yele Cola outlined a three-fold plan, which includes enhancing existing products, expanding into new industries within Nigeria, such as medical supplies, construction, and health services, and laying the groundwork for expansion into other African countries like Egypt and Cote d'Ivoire. Furthermore, Yele Cola highlighted the challenges businesses face in West Africa with delayed payment cycles and inefficient financial processes. Duplo aims to address these issues by facilitating faster payments, providing security to suppliers and vendors, and offering automated financial reconciliation services to help businesses better manage their finances. When asked about the company's potential for global expansion, Yele Cola expressed confidence in Duplo's ability to transcend borders and become a key player in the global business payments landscape. By enabling businesses in Africa to collect payments from international partners, Duplo envisions itself as a global entity bridging the gap between different markets. In terms of job creation, Yele Cola highlighted the immediate impact of the funding on employment opportunities within Duplo. By empowering businesses to operate more efficiently and at a larger scale, Duplo indirectly contributes to job creation within the ecosystem. Additionally, the company's focus on simplifying business payments not only empowers local businesses but also fosters global trade by facilitating smoother transactions between countries and continents. Overall, Duplo's successful seed funding round signifies a significant milestone for the company as it gears up for expansion and innovation in the business-to-business payment sector. With a strong investor backing and a clear growth strategy, Duplo is poised to revolutionize the way businesses manage and conduct payments in Nigeria and beyond.