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Waza, a Y Combinator-backed B2B payments startup, is leveraging its $8 million funding to launch Lync, a groundbreaking banking product aimed at transforming international transactions for African businesses.
Lync enables businesses to receive payments and make transactions in over 100 countries, supporting multiple currencies, including USD, EUR, GBP, NGN, and stablecoins. Unlike competitors relying on wallet-based systems, where transactions are processed under the company’s name instead of the customer’s, Lync offers full banking access. This innovative approach simplifies payment reconciliation, as transactions are processed directly through business accounts.
In August 2024, Waza secured $8 million in equity and debt funding to expand its operations beyond Ghana and Nigeria. This move aims to introduce new trade finance solutions while strengthening its position as a leading B2B payment and liquidity provider for emerging market businesses.
Lync supports major currencies such as USD, EUR, GBP, NGN, and stablecoins and includes comprehensive banking features like ACH, Fedwire, SWIFT, and local payment systems like the UK’s Faster Payments. This direct banking access eliminates the reliance on wallet-based solutions, ensuring that payments are processed under the business’s name, streamlining reconciliation.
The launch of Lync comes at a pivotal moment for African startups. In July 2024, Mercury, a US-based fintech, restricted accounts for startups in 15 African countries, including Nigeria. This move left many businesses struggling with cross-border payment management. Lync steps in as a reliable and cost-effective alternative, helping startups navigate the shifting financial landscape.
A key highlight of Lync is its affordable transaction fees. Waza’s deep fintech expertise enables it to secure competitive foreign exchange rates and maintain control over its payment infrastructure. This advantage translates into lower transaction costs and faster settlement speeds compared to competitors.
The platform is also integrating trade financing services, including pre-shipment and invoice financing, aimed at businesses involved in international trade.
As demand for comprehensive financial solutions continues to rise, Waza’s strategic investment in Lync reinforces its commitment to empowering African businesses. The platform is positioned to become a crucial player in the African fintech ecosystem by addressing key challenges such as compliance, liquidity, and cost efficiency.
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