Waza, a Y Combinator-backed startup specializing in B2B payments and liquidity solutions for businesses in emerging markets, has secured $8 million in a mix of equity and debt funding. The round includes $3 million in seed equity from investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital, as well as $5 million in debt financing from Timon Capital. This funding will enable Waza to expand its operations beyond its current markets in Ghana and Nigeria and introduce new trade finance solutions for large enterprise clients.
Maxwell Obi, the CEO and co-founder of Waza, highlighted that this investment will help the company move closer to its goal of revolutionizing B2B payments and liquidity access across the continent. “Our enhanced infrastructure will bridge the foreign exchange and liquidity gaps, empowering African businesses to seize more global trade opportunities and drive economic growth in the regions we serve,” Obi stated.
This development comes in response to a growing demand for cross-border payments, driven by increased remittance flows and global trade. The Bank of England forecasts that the cross-border payments market will surpass $250 trillion by 2027.
Waza was founded by Maxwell Obi, a serial entrepreneur, and Emmanuel Igbodudu, a senior software engineer. Since launching in stealth mode in January 2023 as part of Y Combinator’s Winter 23 batch, the company has made significant strides, processing over $700 million in annualized payment volume and serving businesses across six continents with a 20% monthly growth rate.
Philips Babatunde