Waza, a Y Combinator-backed B2B payments startup, is leveraging its $8 million funding to launch Lync, a banking product designed to revolutionise international transactions for African businesses.
With Lync, businesses can receive payments and make transactions in over 100 countries, supporting currencies such as USD, EUR, GBP, NGN, and stablecoins. Unlike competitors that use wallet-based systems, where transactions are processed under the company’s name instead of the customer’s, Lync offers complete banking access. This approach simplifies payment reconciliation for businesses, as funds are processed directly through their accounts.
In August 2024, Waza, a Y Combinator-backed B2B payment and liquidity provider for emerging market businesses, secured $8 million in equity and debt funding to expand into new markets beyond its operations in Ghana and Nigeria and to introduce new trade finance solutions.
Supporting currencies like USD, EUR, GBP, NGN, and stablecoins, the platform provides comprehensive banking features such as ACH, Fedwire, SWIFT, and local payment rails like the UK’s Faster Payments. This direct banking access eliminates reliance on wallet-based systems, ensuring payments are processed under the business’s name, and simplifying reconciliation.
The introduction of Lync comes at a critical time for African startups. In July 2024, Mercury, a US-based fintech, restricted accounts for startups across 15 African countries, including Nigeria. This decision left many businesses struggling to manage cross-border payments.
By providing a reliable and affordable alternative, Lync positions itself as a lifeline for startups navigating a shifting financial landscape.
One of Lync’s standout features is its affordable transaction fees. Waza’s deep fintech expertise allows it to negotiate competitive FX rates and maintain control over its payment infrastructure.
This advantage results in lower transaction costs and faster settlement speeds than rivals. The company is also integrating trade financing services into the app, including pre-shipment and invoice financing, tailored to businesses engaged in international trade.
As the demand for robust financial solutions grows, Waza’s strategic investment in Lync underscores its commitment to empowering African businesses. The platform is set to become a key player in the African fintech ecosystem by addressing critical pain points like compliance, liquidity, and cost efficiency
