Company Overview
Waza is a Y Combinator-backed fintech startup (W23 batch) focused on transforming B2B payments and liquidity solutions for businesses in emerging markets. Founded in January 2023 by Maxwell Obi (CEO) and Emmanuel Igbodudu (CTO), Waza addresses the challenges faced by enterprises and multinationals in managing cross-border payments, foreign exchange (FX) liquidity, and global trade. Headquartered in New York with operations in Nigeria, Ghana, and beyond, Waza aims to simplify and reduce the cost of international transactions for businesses often underserved by traditional financial systems.
- Industry: Fintech, B2B Payments
- Focus: Cross-border payments, liquidity solutions, emerging markets
- Website: waza.co
- Status: Active
- Founders:
- Maxwell Obi: Serial entrepreneur with experience at Amplify (acquired by Carbon) and Sendwave.
- Emmanuel Igbodudu: Senior software engineer with expertise from Revolut, Moniepoint, and Fairmoney.
Mission and Vision
Waza’s mission is to empower businesses in emerging markets by providing seamless, affordable, and efficient payment and liquidity solutions. The company envisions transforming global trade by addressing the structural inefficiencies in cross-border payments, particularly the reliance on USD and limited access to financial services for businesses with emerging market ties. Its platform is designed to support economic growth and prosperity in regions like Africa, where trade deficits and liquidity constraints are prevalent.
Products and Services
Waza offers a robust B2B payment and liquidity platform tailored to the needs of emerging market businesses. Its flagship product, Lync, launched in January 2025, is a multi-currency account platform that combines advanced FX liquidity solutions with a modern banking experience. Key features include:
- Multi-Currency Accounts: Support for payments in over 100 countries, with accounts in USD, EUR, GBP, NGN, and stablecoins.
- Global Payment Rails: Integration with ACH, Fedwire, SWIFT, and local payment systems like the UK’s Faster Payments for efficient transactions.
- FX Liquidity Solutions: Competitive FX rates to minimize costs for businesses dealing with international suppliers.
- Trade Finance Solutions: Pilot programs to address liquidity needs for large enterprises.
- API Infrastructure: Tools for fintechs and developers to build cross-border payment solutions.
Lync targets businesses incorporated in the US, UK, or EU that serve emerging markets, overcoming barriers like compliance restrictions and limited access to banking services.
Market Opportunity
Waza operates in the rapidly growing global cross-border payments market, projected to exceed $250 trillion by 2027. Emerging markets, particularly in Africa, face significant challenges, including:
- Trade Deficits: High demand for USD due to import-heavy economies.
- Liquidity Constraints: Limited access to affordable FX and banking services.
- Compliance Barriers: Arbitrary restrictions on businesses with emerging market founders or operations.
Waza’s platform addresses these pain points, positioning it to capture a share of the $7 trillion B2B payments market in emerging economies, with potential revenue opportunities of $250 billion.
Traction and Achievements
Since its inception, Waza has demonstrated strong growth and market traction:
- Funding: Raised $8 million in seed funding (August 2024), comprising $3 million in equity (from Y Combinator, Byld Ventures, Norrsken Africa, and others) and $5 million in debt (from Timon Capital) to fuel expansion and trade finance solutions.
- Payment Volume: Processed $280,000 in its first month (January 2023), scaling to $70 million monthly by May 2024, equating to $700 million in annualized transaction volume.
- Client Base: Serves hundreds of businesses across six continents, including multinationals, importers, traders, and fintechs.
- Profitability: Achieved profitability in Q4 2023, with 20% month-on-month growth in transaction volumes and revenue (derived from FX spreads and a 0.75%-1% take rate).
- Partnerships: Collaborates with Visa, CurrencyCloud, and other financial institutions to enhance payment services and account issuance.
Recent Developments
- Lync Launch (January 2025): Introduced a multi-currency banking platform to streamline global trade for emerging market businesses. Lync offers full banking capabilities, competitive FX rates, and affordable transaction fees, positioning Waza as an alternative to platforms like Mercury, which restricted accounts for African startups in 2024.
- Market Expansion: Plans to expand beyond Nigeria and Ghana into new emerging markets, leveraging its $8 million funding to scale operations and introduce innovative trade finance solutions.
- Regulatory Compliance: Registered as a Money Service Business (MSB) in the US, dealing in foreign exchange and money transmission, and licensed as a virtual asset service provider.
Competitive Edge
Waza differentiates itself through:
- Affordability: Competitive FX rates and low transaction fees compared to traditional banks and other fintechs.
- Speed: Fast settlement infrastructure for cross-border payments.
- Focus on Emerging Markets: Tailored solutions for businesses underserved by mainstream financial institutions.
- Experienced Leadership: Founders with deep expertise in fintech, cross-border payments, and emerging market dynamics.
Challenges and Risks
- Regulatory Complexity: Navigating compliance across multiple jurisdictions, especially for businesses with emerging market ties.
- Competition: Faces competition from established players like Brex, Mercury, and African fintechs like Nala, which raised $40 million in 2024 to expand its B2B payment platform.
- Market Volatility: Exposure to currency fluctuations and economic instability in emerging markets.
Future Outlook
Waza is well-positioned to capitalize on the growing demand for B2B payment solutions in emerging markets. With its recent funding and the launch of Lync, the company plans to:
- Expand into new markets beyond Nigeria and Ghana.
- Enhance trade finance offerings to support large enterprises.
- Develop additional banking products, potentially including credit facilities or stablecoin-based solutions for the digital economy.
- Strengthen its API infrastructure to attract more fintechs and developers.
By addressing the unique needs of emerging market businesses, Waza aims to become a leading player in the global B2B payments ecosystem, driving economic inclusion and prosperity.
Waza represents a promising fintech innovator, tackling the critical pain points of cross-border payments and liquidity in emerging markets. Backed by strong funding, experienced founders, and a scalable platform, the company is poised for significant growth. Its recent launch of Lync and ambitious expansion plans signal a commitment to transforming global trade for businesses underserved by traditional financial systems. As Waza continues to execute its vision, it has the potential to reshape the B2B payments landscape in Africa and beyond.
