Nigerian fintech startup Duplo is looking to banks to fuel its next phase of growth.
The company, which builds financial operations software for businesses, has partnered with Wema Bank to make its platform available through ALAT Business, the bank’s digital banking platform for businesses. According to Duplo CEO Yele Oyekola, the partnership is the first of several similar collaborations the company hopes to establish with banks.
Wema Bank becomes the first commercial bank in Nigeria to distribute Duplo’s software directly to its customers. The partnership reflects a growing trend across Africa’s financial services sector, where banks are increasingly teaming up with fintech startups to offer business customers specialised software instead of building those solutions from scratch.
Similar partnerships have emerged across the continent in recent years. In 2023, global card issuer and processor Paymentology collaborated with Kenyan spend-management startup Boya and Diamond Trust Bank (DTB) to launch virtual corporate expense cards that combined banking infrastructure with expense management tools. A year later, Mastercard partnered with South African fintech SAVA to provide businesses across South Africa, Nigeria, Kenya and Egypt with digital accounts, expense management and accounting solutions.
According to Oyekola, customer expectations are changing faster than traditional banks can adapt.
“Many businesses are demanding services that go beyond conventional banking. Building those products internally often requires significant approvals and engineering resources, making partnerships with fintechs a more practical solution,” he said.
Founded in 2021 by Oyekola and Tunde Akinnuwa, Duplo develops software that helps businesses automate and manage their financial operations. Through the integration with ALAT Business, customers can access Duplo’s services without leaving the banking platform.
The software enables businesses to automate local and international payments, manage expenses and approval workflows, generate invoices, pay vendors, monitor cash flow in real time and reconcile transactions from a single dashboard. Existing ALAT Business customers will also receive three months of free access to the platform.
Oyekola said Duplo can offer the introductory free period because it built the platform in-house, allowing it to absorb the initial costs. After the free trial, Duplo and Wema Bank will share subscription revenue from customers who continue using the software, although the companies have not disclosed the commercial terms. Duplo also earns revenue from transaction fees on payments processed through its platform.
The partnership builds on an existing relationship between both companies. Before the integration, Wema Bank already provided virtual account services to some of Duplo’s customers. Embedding Duplo’s software into ALAT Business was the next logical step.
While the startup plans to explore similar partnerships with other financial institutions, its immediate priority is driving adoption among Wema Bank’s small and medium-sized businesses and mid-market customers.
Duplo currently serves more than 1,000 businesses, including major companies such as Heineken and Maersk, and processes more than $1 billion in annualised payment volume. Since launching, the startup has raised $13 million across three funding rounds from investors including Point Nine Ventures and Commerce Ventures.
Competition in the business spend management space continues to grow. Nigerian startups such as Bujeti and Flex Finance offer similar expense management tools, while Côte d’Ivoire-based Julaya serves businesses across Francophone Africa.
The broader global business spend management market is also expanding rapidly. Consulting firm Data Insights projects the market will be worth $26.68 billion by 2026, with the Middle East and Africa accounting for roughly 8% of total market value.
Duplo’s primary focus remains larger businesses.
“We concentrate heavily on SMEs, mid-market companies and enterprise customers in Nigeria because they account for most of our transaction volume,” Oyekola said.
Over the past few years, the company has evolved beyond payment automation into a broader financial operating system that includes treasury management, accounts payable, expense management, invoicing, collections, reconciliation, international vendor payments and financial reporting. Oyekola noted that the company’s core technology business has reached break-even, with revenues covering the cost of developing and maintaining the platform. While Duplo is not yet profitable overall, it expects to reach profitability by 2027.
The fintech currently operates in both Nigeria and South Africa but has adopted different growth strategies in each market. In South Africa, Duplo partnered with fintech Ozow to leverage its payment infrastructure and regulatory licences.
“Nigeria is our home market, while South Africa is an expansion market,” Oyekola said. “We don’t yet have the same market reach in South Africa, so partnering with Ozow allows us to serve businesses there efficiently. In Nigeria, we provide those services directly because we hold the necessary payment service provider and international money transfer operator licences.”
As more businesses demand integrated financial tools, partnerships between banks and fintechs are becoming increasingly strategic. Banks bring customer relationships and regulated financial infrastructure, while fintechs contribute the specialised software businesses need. If this model continues to gain traction, banking partnerships could become one of Duplo’s most effective channels for acquiring new customers.