Duplo partners with Wema Bank to expand business finance tools

Duplo is taking a different route to grow its business. Instead of selling directly to more companies, the Nigerian fintech is working with banks to get its software into the hands of business customers. Its latest partnership is with Wema Bank, which has integrated Duplo’s financial operations platform into ALAT Business, the bank’s digital banking service for businesses. Wema Bank is the first commercial bank in Nigeria to offer the software as part of its business banking platform. Duplo says it wants to strike similar agreements with other banks in future.

A changing role for banks

Banks are facing growing pressure from business customers who want more than current accounts and payment services. Many now expect tools that can help them manage invoices, supplier payments, expenses and cash flow. For banks, building those products internally can be expensive and time consuming. Partnering with fintech companies gives them a quicker way to add those services. “A lot of our customers were already looking beyond traditional banking for these kinds of tools,” Duplo co founder and CEO Yele Oyekola told TechCabal. “Rather than build everything themselves, banks can work with companies that already have those products.” The model has become more common across Africa. Financial institutions are increasingly working with fintechs instead of developing every digital service on their own.

What businesses can do

Founded in 2021, Duplo builds software that helps companies manage their day to day finances. Businesses using ALAT Business can now access Duplo’s platform from within their banking dashboard. The software allows users to:

• Make local and international payments
• Manage expenses and approval processes
• Generate and collect invoices
• Pay suppliers
• Track cash flow
• Reconcile transactions
• View financial reports

Existing ALAT Business customers will receive three months of free access before deciding whether to subscribe.

Duplo said it will share subscription revenue with Wema Bank after the trial period ends. It also earns income from payment transactions processed through its platform. Wema Bank had already been providing virtual accounts to some of Duplo’s customers. Integrating the software into ALAT Business was the next step. Duplo’s immediate focus is getting Wema Bank’s SME and mid-sized business customers to use the platform before expanding the model to other banks.

Growth beyond direct sales

Duplo says it works with more than 1,000 businesses, including Heineken and Maersk, and processes more than $1 billion in annual payment volume. The company has raised $13 million from investors, including Point Nine Ventures and Commerce Ventures. Its customer base is mainly made up of SMEs, mid-sized companies and large enterprises, putting it in competition with firms such as Bujeti, Flex Finance and Côte d’Ivoire’s Julaya.

Different strategy in South Africa

Duplo operates in Nigeria and South Africa but has taken different approaches in each country. In Nigeria, it manages much of its own payment infrastructure. In South Africa, it relies on fintech Ozow for payment processing and regulatory support. According to Oyekola, the company’s technology business now generates enough revenue to cover the cost of building and maintaining the platform, although the business as a whole is not yet profitable. Duplo expects to reach profitability by 2027. The agreement with Wema Bank shows how the relationship between banks and fintechs is changing. Rather than trying to build every product themselves, banks are increasingly adding specialist software from fintech partners, while startups like Duplo gain access to customers they might otherwise take years to reach.