Waza, a B2B payment provider for emerging market businesses, has announced the launch of Lync, its new multi-currency account platform that combines market-leading foreign exchange (FX) liquidity solutions with a cutting-edge banking experience to power a new age of global trade for emerging market businesses incorporated in the US, UK or EU.
Despite being incorporated and having operations in the US, UK and EU, many businesses that serve emerging markets such as Africa (especially if these businesses have an emerging market founder/shareholder/directorship) have significant difficulty accessing financial services such as bank accounts and credit facilities, due to arbitrary compliance thresholds, perceived risk appetite and other issues.
There have also been recent incidents where financial services providers have unexpectedly discontinued services for emerging market businesses, leading to substantial economic 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.
Lync is designed to address these challenges and provide a viable alternative to the existing options for businesses that serve emerging markets. The platform offers multi-currency accounts, starting with USD, EUR, GBP, NGN and Stablecoins, with payments to more than 100 countries.
These accounts are more than just wallets, they are fully featured accounts which support various payment methods, including ACH, Fedwire, SWIFT, and other local payment rails like Faster Payments in the UK, making it easier for businesses with operations across the world to effectively manage their payments and foreign exchange (FX) liquidity on one platform.
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.
Waza raised $3m in seed funding and $5m in venture debt 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 is designed to enable emerging market businesses to engage in global commerce that was previously hindered by arbitrary thresholds and systemic barriers. Businesses with existing global operations, large enterprises that require efficient cross-border payments, and technology companies with a US, UK, or EU parent that need to manage multiple currencies and access 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.
Speaking about the new platform, 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.”
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. The company’s founding team consists of Maxwell Obi (a 2x founder and experienced fintech entrepreneur) and Emmanuel Igbodudu (a senior software engineer with extensive global experience with companies like Revolut and Moniepoint).
Since commencing operations in stealth in January 2023, Waza 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.
