- Waza, a B2B payment platform for emerging market businesses
- Lync, its new multi-currency account platform to help end this issue
- Lync offers its multi-currency accounts, starting with USD, EUR, GBP, NGN and Stablecoins, with payments to more than 100 countries.
There have also been recent incidents where financial services providers have unexpectedly discontinued services for emerging market businesses, leading to substantial financial losses in the form of uncompleted transactions and disrupted trade flows. This ongoing situation means businesses cannot adequately plan and scale their operations, hindering them from reaching their full potential and taking advantage of the opportunities available to them.
Waza, a B2B payment platform for emerging market businesses, has launched Lync, its new multi-currency account platform to help end this issue. Lync is expected to help African firms which, despite being incorporated and having operations in the US, UK and EU, find it hard to access financial services such as bank accounts and credit facilities, due to arbitrary compliance thresholds, perceived risk appetite and other issues.
Lync offers multi-currency accounts, starting with USD, EUR, GBP, NGN and Stablecoins, with payments to more than 100 countries. The platform supports various payment methods, including ACH, Fedwire, SWIFT, and other local payment rails like Faster Payments in the UK, and combines market-leading foreign exchange (FX) liquidity solutions for African businesses incorporated in the US, UK or EU.
According to Maxwell Obi, CEO and Co-founder of Waza, said, “We created Lync to serve as a pivotal platform that will not only support business payments and liquidity but also drive broader economic growth and prosperity in emerging markets. By unlocking access to essential financial services, we are confident that Lync will empower more businesses to expand, reach new markets and overcome longstanding financial barriers. We are incredibly excited about the potential of Lync to transform how businesses operate, making it easier for them to scale, optimize cash flow, and drive sustainable growth.”
Funds held in these accounts are FDIC-insured, giving businesses the confidence to explore new markets and take on new opportunities. Additionally, Lync offers competitive foreign exchange (FX) rates, making it the ideal solution for companies looking to expand globally and manage their finances efficiently.
In August last year, Waza raised $3m in seed funding and $5m to scale its FX and trade financing operations. With Lync, it’s now providing these services within a comprehensive multi-currency banking product. The first step for Waza was providing competitive foreign exchange (FX) and cross-border payments for businesses. Ultimately, Lync aims to give these businesses greater control over their payment operations and easier access to the global financial markets, with reduced need for intervention.
Lync businesses are linked with existing global operations, large enterprises that require efficient cross-border payments, as well as technology companies with a US, UK or EU parent, that need to manage multiple currencies and access to foreign exchange liquidity, can take advantage of Lync. Businesses seeking to expand internationally and companies that regularly engage in international payments can also leverage the platform.
Waza is registered in the US as a Money Service Business (MSB) dealing in foreign exchange and money transmission and has partnered with financial institutions such as Visa, CurrencyCloud and others to provide payment services and account issuance.
Co-founded by Maxwell Obi and Emmanuel Igbodudu, Waza launched out of stealth in January 2023 and has served hundreds of businesses, processing over $700m in annualised payment volume, facilitating business payments across 6 continents and impressively growing at 20% monthly.
The company currently has active operations in several countries in Africa including Nigeria and Ghana, with imminent plans for expansion into new markets across the world.
