Businesses serving emerging markets, even when incorporated in the US, UK, or EU, often face significant barriers accessing essential financial services.
Waza’s new platform, Lync, is designed to address these systemic challenges, enabling global commerce for these businesses.
Driving the news
Waza, a B2B payment provider, has launched Lync, a multi-currency account platform combining robust foreign exchange (FX) liquidity solutions with a seamless banking experience. Lync supports USD, EUR, GBP, NGN, and Stablecoins, facilitating payments to over 100 countries.
- The problem: Emerging market businesses face hurdles like arbitrary compliance thresholds and unexpected account closures, limiting their ability to scale and access global financial systems.
- The solution: Lync provides fully-featured accounts with ACH, Fedwire, SWIFT, and local payment rails like the UK’s Faster Payments. It’s a one-stop platform for managing global payments and FX liquidity.
Zoom in
Funds held in Lync accounts are FDIC-insured, ensuring security and confidence for businesses. The platform also offers competitive FX rates, making it a powerful tool for companies looking to manage international payments efficiently.
- Waza has raised $3M in seed funding and $5M in venture debt to scale operations.
- Since launching in stealth in January 2023, the company has processed over $700M in annualized payment volume, growing 20% monthly.
What they’re saying
- “We created Lync to empower businesses to overcome longstanding financial barriers and drive sustainable growth,” said Maxwell Obi, CEO and Co-founder of Waza.
- “This platform will unlock opportunities for businesses to scale, optimize cash flow, and reach new markets.”
The big picture
Lync targets businesses with global operations, large enterprises, and technology companies needing multi-currency management. It’s particularly suited for firms expanding internationally or conducting frequent cross-border transactions.
What’s next
Waza plans to expand beyond its current African markets, including Nigeria and Ghana, to new regions, further solidifying its role in enabling seamless global commerce for emerging market businesses.
