LAGOS, July 27 – Duplo, a Nigerian fintech company, has partnered with Wema Bank to bring its business finance software to ALAT Business. The partnership makes Wema Bank the first commercial bank in Nigeria to offer the platform through its business banking service.
With the new arrangement, ALAT Business customers can use Duplo’s finance tools without leaving the banking platform. The software helps businesses make local and international payments, manage expenses, approve payments, send invoices, pay suppliers, track cash flow and match transactions, all from one dashboard.
Duplo Chief Executive Officer Yele Oyekola said the company hopes to sign similar agreements with other banks as more businesses look for digital finance tools beyond traditional banking services.
Founded in 2021 by Oyekola and Tunde Akinnuwa, Duplo builds software that helps businesses manage their finances. Under the partnership, ALAT Business customers will get free access to the platform for three months before moving to a paid subscription. Duplo and Wema Bank will share the subscription revenue, while Duplo will also continue to earn fees from payments processed on the platform.
The agreement builds on an existing relationship between the two companies, with Wema Bank already providing virtual accounts for some of Duplo’s customers.
Duplo now serves more than 1,000 businesses, including Heineken and Maersk, and processes more than $1 billion in payments each year. The company has also raised $13 million through three funding rounds.
The fintech operates in Nigeria and South Africa. It said its technology business is now covering its operating costs and expects to become fully profitable by 2027. For now, the company is focused on growing its customer base among Wema Bank’s small, medium-sized and mid-market businesses.
