Waza Launches Lync To Help African Businesses With International Transactions

Waza, a Y Combinator-backed B2B payments startup, is using its $8 million funding to create Lync, a banking product that plans to transform international transactions for African businesses, Techpoint reports. Last year, the startup received $8 million in equity and debt funding to expand into markets beyond its current operations in Ghana and Nigeria and offer new trade finance solutions.

The funding round was led by major investors, including Byld Ventures, Norrsken Africa, and Timon Capital, with the aim of empowering enterprises across the continent to navigate global markets more effectively.

The platform’s tailored payment & liquidity solutions make it easier for African businesses and traders to make their global B2B payments in currencies like USD, EUR, and GBP, targeting a $7 trillion market opportunity.

How will Lync help African businesses?

Now, Waza is launching Lync, a banking product allowing businesses to receive payments and make transactions in over 100 countries, supporting currencies like USD, EUR, GBP, NGN, and stablecoins. It differs from competitors using wallet-based systems, as Lync transactions are handled under the company’s name instead of the customer’s, giving users complete banking access. This process makes payment reconciliation for businesses easier, as money is processed directly through their accounts. 

By supporting currencies like USD, EUR, GBP, NGN, and stablecoins, Lync gives users complete banking features such as ACH, Fedwire, SWIFT, and local payment rails like the UK’s Faster Payments. This will allow African businesses to reduce their reliance on wallet-based systems and ensures that payments are handled under the business’s name, making it easier for reconciliation.

Image: Waza