This launch comes at a time when many companies in Africa are seeking reliable alternatives following recent disruptions caused by regulatory changes in global fintech platforms.

Lync enables businesses to receive funds and make payments in over 100 countries, supporting currencies like USD, EUR, GBP, NGN, and stablecoins. 

Unlike platforms that process transactions through intermediary accounts, Lync offers businesses full banking access. This direct approach ensures faster payment reconciliation and simplifies financial operations for enterprises with global needs.

Maxwell Obi, Waza’s co-founder and CEO, noted Lync’s solid infrastructure, which supports payment systems such as ACH, Fedwire, SWIFT, and local networks like the UK’s Faster Payments. 

These allow businesses to handle complex financial operations, manage foreign exchange liquidity, and simplify global transactions from a single platform.

In addition to payments, Waza plans to integrate trade financing features into Lync. Businesses will soon have access to pre-shipment and invoice financing tools, which are essential for managing cash flow and scaling international trade.

One of Lync’s commendable features is its affordability. Waza leverages its experience in the fintech sector to negotiate competitive exchange rates and reduce transaction fees for its users. The company’s control over its payment infrastructure enables faster processing times and cost savings, giving it an edge over competitors.

“Our goal has always been to deliver affordability and efficiency,” said Obi. “By building our infrastructure from the ground up, we can offer businesses cheaper and faster solutions compared to other providers.”

With limited access to hard currencies like USD, EUR, and GBP in many African countries, Waza aims to bridge the gap for businesses across international markets. Providing secure and transparent cross-border payment solutions has enabled Lync to help companies scale operations and improve cash flow management.

Waza’s introduction of Lync follows its successful $8 million funding round earlier in 2024, which was earmarked for market expansion and product development. With plans to enhance its offerings further, including invoice management and receivables tracking, Waza is working to bolster Africa’s fintech sector with its timely solution which addresses the challenges faced in emerging markets.

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The round includes $3 million in equity from investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Lagos- and New York-based Timon Capital also provided $5 million in venture debt financing, which Waza will utilise to pilot trade financing solutions for large enterprise clients.

Founded by Maxwell Obi and Emmanuel Igbodudu, Waza was established to tackle the challenges faced by businesses operating in emerging markets, particularly in Africa. Limited access to hard currencies like USD, EUR, and GBP, combined with complex regulatory frameworks and high transaction fees, has made cross-border payments a challenging task for many companies. 

Waza addresses these pain points by offering a user-friendly platform that facilitates seamless, secure, and affordable B2B payments, even in the absence of hard currencies.

Waza’s journey began in January 2023, following its participation in Y Combinator’s winter batch. In its first month, the fintech processed $280,000 in total payment volume, rapidly scaling to $70 million in monthly payment volume by May, translating to an impressive $700 million in annualised transaction volume. 

The startup’s revenues, derived from FX spreads and a take rate of 0.75% to 1%, have been growing by an average of 20% monthly.

The platform focuses on a diverse range of clients across six continents, including multinational organisations operating locally in Africa, importers and traders transacting with suppliers in countries like India, China, and the U.K., and other fintechs and developers requiring API infrastructure for building cross-border payment solutions. 

Waza’s competitive edge lies in its global banking relationships, payment infrastructure control, and ability to offer faster, more affordable settlement options compared to traditional banks and other fintech competitors such as AZA Finance, Verto, and Conduit.

Co-founder and CEO Maxwell Obi brings a wealth of experience to Waza, having previously co-founded Amplify, a Nigerian fintech acquired by Carbon, and later working with Sendwave, a subsidiary of Zepz. 

It was during his time at Sendwave, while navigating partnerships and regulatory relationships across Africa, Asia, and Latin America, that Obi identified the need for a service to manage global supplier and vendor payments — a need that Waza now fulfils.

Emmanuel Igbodudu, Waza’s co-founder and CTO, also has a strong technical background, with experience as a senior engineer at Revolut, where he led the Vaults team, and roles at well-known Nigerian fintechs like Moniepoint and Fairmoney. 

Together, the founders are leveraging their expertise to expand Waza’s services into other trade finance and cross-border payment solutions, with plans to diversify the company’s revenue streams. 

Waza is exploring the development of new products, including a banking solution for businesses, akin to Brex or Mercury for Africa, and a stablecoin banking product tailored for the digital economy. The seed investment will support these initiatives and facilitate Waza’s expansion into new markets beyond its current operations in Ghana and Nigeria.

Chris Muscarella, managing director of Timon Capital, said, “The Waza team has deep experience around cross-border flows, and they are going after one of the bigger opportunities in frontier markets.” 

Waza aims to leverage the $7 trillion global market, providing essential liquidity and payment solutions for businesses in Africa and beyond.

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