Waza, a promising fintech startup, acquired $8 million in seed capital to improve its services for African businesses.
Maxwell Obi and Emmanuel Igbodudu founded Waza in 2022. With offices in Lagos and New York, the company specialises in B2B payments and liquidity solutions for developing countries.
This funding round, announced on Monday, includes $3 million in equity from notable investors such as Y Combinator, Byld Ventures, and Norrsken Africa, along with $5 million in venture debt financing from Timon Capital.
Read also: Telecom Egypt named ‘Best Investor Relations -Telecom Company’ at International Finance Awards
Launch of Lync
With the announcement of its investment, Waza launched Lync, its newest solution, which was created especially for African startups. Lync is a multi-currency banking service that makes managing accounts and foreign payments easier for companies.
This innovative tool addresses the challenges faced by companies operating in environments with limited access to hard currencies.
Maxwell Obi emphasised the significance of this launch, stating, “This funding brings us closer to our vision of transforming B2B payments and liquidity access across Africa”.
Waza’s commitment to enhancing settlement infrastructure is evident through Lync’s features, which include customisable invoicing and competitive exchange rates.
The new web software lets businesses pay in over 100 countries using dollars, euros, pounds, naira, and stablecoins.
Obi claims the accounts offer complete banking services, including ACH, Fedwire, SWIFT, and local rails like the UK’s Faster Payments, allowing worldwide enterprises to handle payments and FX liquidity from a single platform. The firm will offer pre-shipment and invoicing financing on Lync.
The platform hopes to promote easier international trade by easing the liquidity and foreign exchange issues that many African companies face.
Read also: Martech Africa 2.0 to explore tech-driven marketing solutions for Africa
A vision for African startups
Waza’s founders are passionate about driving change in the African fintech landscape. Maxwell Obi previously held leadership roles at Sendwave and Amplify and brings extensive experience navigating partnerships and regulatory frameworks across various regions.
Emmanuel Igbodudu complements this with his software engineering and product development background at Revolut and other fintech firms. Together, they have built a platform that has already processed over $700 million in annualised payment volume since its inception.
The startup’s growth trajectory is impressive. It achieved profitability by the fourth quarter of 2023. This financial success underscores Waza’s potential to become a key player in the rapidly evolving cross-border payments market.
As global remittance flows continue to rise, Waza is well-positioned to capitalise on this trend while providing essential services to businesses across Africa.