Duplo Analysis: $4M Raised
What is Duplo?
Duplo is a unified B2B payments and spend management platform for African SMEs and mid-market companies. It handles global payments, business accounts, invoicing, reimbursements, tax management, and multi-currency cash control from one platform. The company also supports South Africa payment rails through Ozow and publishes security credentials including PCI DSS and ISO 27001.
Location
1668B Oyin Jolayemi Street, Victoria Island, Lagos, Lagos State 101241, Nigeria
Employees
51-200
Founded
2021
Business Model
Subscription-based model with transaction fees for API access and services.
Product Features & Capabilities
- Expense Management, Global Payments, Vendor Management, Approval Workflows, Tax Management, Reimbursements, Vendor Portal, Bulk Payments, Auto Reconciliation, Smart Invoicing, API
Pricing
-
Essentials:
- Automate basic financial operations
- Expense Management
- Simple Approvals (maximum of 3 approval stages)
- Manual Payment Reconciliation (Excel, CSV)
- Standard Support
- 100 Free Payouts (Bank Transfer)
- Approval Workflow
- Single or Recurring Invoices
- Unlimited Recipients and Suppliers
- Centralization of Invoices
- Detailed Reporting
- Expense Account
- Priority and Personalized Support
- Multiple approval policy
- User Roles
- Vendor Portal
- Unlimited View - Only Roles
-
Pro:
- Everything on Essentials, plus:
- Complex Approvals (unlimited stages)
- Automatic payment reconciliation
- Integration with your Accounting Software
- Bespoke Support
- 100 Free Payouts (Bank Transfer)
- Approval Workflow
- Single or Recurring Invoices
- Unlimited Recipients and Suppliers
- Centralization of Invoices
- Detailed Reporting
- Expense Account
- Priority and Personalized Support
- Multiple approval policy
- User Roles
- Vendor Portal
- Unlimited View - Only Roles
- Reconciliation
- Integrates with QuickBooks Online, QuickBooks Desktop Premier, Zoho Books, and Xero
-
Enterprise:
- Everything on Pro, plus:
- Custom Integrations
- Custom Workflows and Reconciliation
- APIs
- Bespoke Support
- 100 Free Payouts (Bank Transfer)
- Approval Workflow
- Single or Recurring Invoices
- Unlimited Recipients and Suppliers
- Centralization of Invoices
- Detailed Reporting
- Expense Account
- Priority and Personalized Support
- Multiple approval policy
- User Roles
- Vendor Portal
- Unlimited View - Only Roles
- Reconciliation
- Integrates with QuickBooks Online, QuickBooks Desktop Premier, Zoho Books, and Xero
-
Transaction Fees:
- Outflow (Payouts)
- ₦5,000 and below: ₦10 / transaction
- ₦5,001 - ₦50,000: ₦25 / transaction
- ₦50,001 and above: ₦50 / transaction
- Custom prices for businesses with large-volume or high-value transactions.
- Outflow (Payouts)
How much Duplo raised
Seed - $4.3 million
August 31, 2022Lead Investor: Liquid2 Ventures, Soma Capital, Tribe Capital, Commerce Ventures, Basecamp Fund, Y Combinator, Oui Capital
Who are the founders of Duplo
YO
Yele Oyekola
Founder
TA
Tunde Akinnuwa
Founder
HQ Full Address
1668B Oyin Jolayemi Street, Victoria Island, Lagos, Lagos State 101241, Nigeria
Market Focus
Duplo primarily focuses on the financial technology (fintech) industry, providing products that automate expense management, simplify global payments, and enhance vendor management for businesses.
Investors
- Alumni Ventures
- BBQ Capital
- Chestnut Street Ventures
- Commerce Ventures
- Gaingels
- Pioneer Fund
- Resilience17
- Oui Capital
- Soma Capital
- Liquid 2 Ventures
- MyAsiaVc
- Abdul Hassan (Angel Investor)
- Olugbenga Agboola (Angel Investor)
Competitors Overview
Duplo operates in a competitive landscape with several notable competitors in the financial products market, particularly in expense management, global payments, and vendor management. Key competitors include:
-
SAP Concur: Known for its advanced travel management and global scalability, SAP Concur is suitable for large organizations with complex reporting needs. It offers customizable expense policies and real-time tracking, making it a strong choice for enterprises.
-
Brex: Focused on providing real-time spending insights, Brex integrates expense tracking with corporate card management. It is particularly designed for startups and businesses needing to closely monitor cash flow.
-
Ramp: This platform offers advanced analytics and customizable automations for expense management, helping businesses identify cost-saving opportunities. Ramp is tailored for companies looking to optimize their spending.
-
BILL: Combining accounts payable automation with expense management, BILL is ideal for businesses with high vendor operations, streamlining financial workflows.
-
Tipalti: Specializing in accounts payable and international vendor management, Tipalti is suitable for large enterprises with complex payment processes, providing a comprehensive solution for managing vendor payments.
-
Airbase: Targeting mid-market companies, Airbase offers a unified platform for accounts payable and expense tracking, allowing for custom spend policies that cater to specific business needs.
These competitors each have unique strengths, such as SAP Concur's travel management capabilities, Brex's focus on real-time insights, and Ramp's analytics-driven approach, which differentiate them from Duplo.
See something that needs updating? Suggest edits to this profile.