Waza emerges from stealth with $8M in funding to power cross-border payments for African businesses

The Bank of England predicts that the global cross-border payments market will surpass $250 trillion by 2027. Yet, emerging economies, particularly in the Global South, continue to grapple with trade deficits, where the demand for the dollar—central to global trade—outstrips supply. This mismatch increases costs and slows down trade.

In Africa, the situation is made worse by a lack of tech solutions addressing the liquidity needs of large enterprises and multinationals. Many cross-border payment platforms are focusing on consumer-facing products, leaving a gap in the market. This is where Y Combinator-backed fintech startup Waza steps in, aiming to reshape B2B payments and liquidity access for businesses across the continent.

Today, Waza emerged from stealth mode with $8 million in funding to bolster global trade for African and emerging market businesses. The news comes amid growing demand for cross-border payments, driven by rising remittance flows and global trade activities.

Waza now joins a series of other tech startups competing to take the lion’s share of the $235 African fintech market. In 2021, we covered another African-founded fintech startup VertoFX after it raised $10 million to build B2B cross-border payments for emerging markets.

The funding round includes $3 million in seed equity from investors like Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Additionally, Waza has secured $5 million in debt funding from Timon Capital to test new trade finance solutions for large enterprise clients.

Waza, founded by Maxwell Obi and Emmanuel Igbodudu, operates as a money services business in the U.S. and holds a virtual asset service provider license. The company has developed a B2B payment and liquidity platform that simplifies global payments for emerging market businesses.

“We are creating a more efficient settlement infrastructure to bridge the foreign exchange and liquidity gap, enabling African businesses to seize more global trade opportunities that can drive economic growth in the markets we serve,” said Obi.

Waza began its journey in January 2023, after joining Y Combinator’s Winter 23 batch. Since then, the startup has served hundreds of businesses, processing over $700 million in annualized payment volume and facilitating transactions across six continents, with a 20% monthly growth rate.