A New Milestone for Waza
Waza, a Y Combinator-backed B2B payment and liquidity provider, has taken a significant step forward in its mission to transform financial services in emerging markets. The company recently secured $8 million in equity and debt funding, which will be pivotal in expanding its operations beyond its current markets in Ghana and Nigeria, and in introducing innovative trade finance solutions.
Strategic Investment and Growth
The $8 million funding round includes $3 million in seed equity, with participation from notable investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Additionally, Waza raised $5 million in debt funding from Timon Capital, specifically aimed at piloting trade finance solutions for large enterprise clients.
Empowering African Businesses
Maxwell Obi, the CEO and co-founder of Waza, emphasized the strategic importance of this funding round. He stated, “By providing a more efficient settlement infrastructure, we are bridging the foreign exchange and liquidity gap and empowering African businesses to access more global trade opportunities that will drive economic growth and development in the markets we serve.”
Rising Demand for Cross-Border Payments
The funding comes at a time when demand for cross-border payments is on the rise, driven by increasing remittance flows and global trade. According to a forecast by the Bank of England, the cross-border payments market is expected to reach over $250 trillion globally by 2027, highlighting the immense opportunity for platforms like Waza.
From Stealth Mode to Profitability
Founded by two-time entrepreneur Maxwell Obi and senior software engineer Emmanuel Igbodudu, Waza has rapidly established itself as a key player in the B2B payment space. The startup, which operates as a money services business-registered entity in the United States and a virtual asset service provider-licensed company, began its operations in stealth mode in January 2023 after joining Y Combinator’s Winter 23 batch.
Since its inception, Waza has processed over $700 million in annualized payment volume, serving hundreds of businesses across six continents, and achieving a 20% monthly growth rate. The company reached profitability in the fourth quarter of 2023 and has maintained this momentum into 2024.
Scaling and Innovating in Emerging Markets
With its latest round of funding, Waza is poised to scale its operations and introduce new trade finance solutions that will further empower businesses in emerging markets. The startup’s commitment to providing efficient and accessible financial services continues to drive its growth, making it a significant player in the evolving landscape of global B2B payments.
