TechInAfrica – The Lagos-based fintech Duplo has raised $1.3m pre-seed funding to improve the logistic of goods delivered from manufacturers and suppliers to retailers, a process that require indirect cash collection from different agents.
The Y Combinator-backed startup’s idea is to make B2B companies able to track the payment flows by creating a digitized version of the transaction. This is to thaw fraud from geting in the way and benefitting from them.
The early stage pan-African VC firm Oui Capital led the pre-seed round, followed by both local and international investors, MyAsia VC, Y Combinator, Flutterwave CEO Olugbenga Agboola and Mono CEO, Abdul Hassan.
“Our value proposition is we help businesses automate, embed, and launch payment products. Basically inflaws and outflows, automatic reconciliation for businesses and embedding payments into marketplace. And then we also have business that wants to provide BNPL services to smaller business,” Yele Oyekola, Chief Executive Officer said.
Peter Oriaifo, principal at Oui Capital said, “We’re excited to support Yele, Tunde, Emeka and the rest of the team at Duplo as they look to build a scalable B2B payments platform for the African market.
“We believe that with the proliferation of commerce in Africa, there’s an emerging need for solutions such as Duplo’s that help abstract away complexities around payments.”