Waza, the emerging star in B2B payment solutions, has officially emerged from stealth mode with an impressive $8 million in funding, signaling a shift in how businesses in emerging markets manage their payments. This new financial injection includes a $3 million seed equity round and $5 million in debt funding to expand Waza’s groundbreaking services across Africa and beyond.
Founded by Maxwell Obi, a fintech pioneer known for his role in Nigerian fintech Amplify, and Emmanuel Igbodudu, a former senior engineer at Revolut, Waza is set to make waves in the payments industry. The company, which operates under MSB registration in the US and VASP licensing, has already established a strong presence in Ghana and Nigeria.
The recent funding round sees contributions from renowned investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Additionally, Timon Capital’s $5 million debt investment will be directed toward navigating trade financing solutions, opening doors to a $371 billion market within Africa.
Since its stealth launch in January 2023, following its participation in Y Combinator’s Winter 23 batch, Waza has made remarkable strides. The company has processed over $700 million in annualized payment volume and serves hundreds of businesses across six continents. Waza’s rapid growth, marked by a 20% monthly increase and sustained profitability into 2024, underscores its potential to reshape B2B payments.
Maxwell Obi expressed his enthusiasm about the new funding, stating, “This new funding brings us closer to our vision of transforming B2B payments and access to liquidity for businesses across the continent. 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 drive economic growth and development in the markets.”
With this funding, Waza aims to extend its reach into new markets and enhance its trade finance offerings, promising a brighter future for businesses navigating the complexities of global trade.
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