Duplo Raises $13 Million to Automate African Finance Operations as Manual Losses Top ₦1.2 Trillion
Updated
Updated · Business Insider Africa · Jul 26
Duplo Raises $13 Million to Automate African Finance Operations as Manual Losses Top ₦1.2 Trillion
1 articles · Updated · Business Insider Africa · Jul 26
Summary
$13 million in funding has helped Duplo expand a platform that automates payments, approvals and reconciliations for African businesses, targeting finance teams still reliant on spreadsheets and manual workflows.
Manual processes are costly: Nigeria's tax agency estimates manual invoicing drives ₦500 billion in annual tax leakage, while businesses lose ₦800 billion to ₦1.2 trillion a year to invoice disputes, payment mismatches and reconciliation gaps.
Duplo, founded in 2022 by Yele Oyekola, says its biggest hurdle has been winning trust because customers are handing over sensitive financial infrastructure tied to salaries, suppliers and tax obligations.
South Africa is now Duplo's latest expansion market, and Oyekola says the next phase is adding AI to automate repetitive finance work and turn the product into an intelligent financial operations system across Africa.