FINTECH AFRICA | Nigerian B2B Fintech, Waza, Launches Multi-Currency Account Platform to Support Businesses in Emerging Markets

Since its stealth launch in January 2023, Waza has processed over $700 million in annual payment volume, serving businesses across several continents, including Nigeria and Ghana, with plans for further global expansion.

kodzilla··3 min read

Waza, a Y Combinator-backed (YC W23 Batch) B2B payments company, has launched a multi-currency account platform called Lync aimed at helping businesses facilitate international transactions.


Lync is built to address the financial challenges faced by businesses incorporated in the United States, the United Kingdom, or the European Union that operate in emerging markets, Waza stated.

 

“For many months, the Waza team and our various banking partners have been working hard to empower our current clients and other businesses with a banking experience that combines superior FX and global payment capabilities,” SAID Waza Co-Founder and CEO Maxwell Obi.

 

Many businesses led by emerging market founders or operating locally, encounter difficulties obtaining traditional services like bank accounts or credit facilities. Recent service discontinuations by financial providers like digital bank Mercury have disrupted trade, left transactions incomplete, and added hurdles to business planning and growth.


Waza Co-Founder and CEO, Maxwell Obi, emphasized that Lync’s  banking features – such as ACH, Fedwire, SWIFT, and local payment systems like the UK’s Faster Payments – enable companies with global operations to manage payments and foreign exchange liquidity through a unified platform.

The platform also provides competitive foreign exchange (FX) rates, smooth payments through ACH, wire, SWIFT, and local payment systems, along with treasury and FX liquidity solutions, according to Obi.

The solution is crafted to help businesses:

  • Manage global operations
  • Expand into new markets, and
  • Streamline cross-border payments

Waza plans to enhance Lync’s capabilities by adding corporate cards and spend management, bulk payments, and virtual IBANs to facilitate international transactions.

Furthermore, Waza plans to introduce trade financing services within the app, including pre-shipment and invoice financing, which are crucial for businesses involved in international trade.

 

 

As reported by BitKE in 2024, Waza has raised $3 million in seed funding and $5 million in venture debt to support its growth. The launch of Lync marks a strategic shift from focusing solely on FX and cross-border payment services to offering a fully-featured multi-currency banking solution.


Since its stealth launch in January 2023, Waza has processed over $700 million in annual payment volume, serving businesses across several continents, including Nigeria and Ghana, with plans for further global expansion.

 

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About Lync

Lync is a product of Waza Technologies Inc. and its affiliates, collectively referred to as Waza. Waza is a private limited company registered as a C Corporation in Delaware, USA, with registration number 6910243.

See also

It is registered by the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB) dealing in foreign exchange and money transmission, with MSB registration number 31000235098465.

Waza is licensed by the Central Bank of Nigeria (CBN) as an International Money Transfer Operator. NGN accounts are provided by Uniswitch, a CBN Licensed switching and payment service processing company. NGN remittances and FX services are provided directly by Waza.

Waza is a technology company, not a bank. Banking services on Lync are provided by one or more licensed banking partners.

Lync is backed by prominent VCs including:

among others.

 

 

 

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