Waza Secures $8 Million To Fuel Expansion And Launch New Trade Finance Solutions

Waza, the Y Combinator-backed B2B payment and liquidity platform, has announced an $8 million funding round, combining both equity and debt. This new capital injection is aimed at expanding Waza’s footprint beyond its current operations in Ghana and Nigeria and introducing innovative trade finance solutions tailored for emerging market businesses.

The funding breakdown includes a $3 million seed equity round led by a consortium of investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Centre, and Olive Tree Capital. Additionally, Waza secured $5 million in debt funding from Timon Capital, which will be used to pilot trade financing initiatives for large enterprise clients.

Maxwell Obi, CEO and co-founder of Waza highlighted the significance of this milestone, noting that the funding will enable the startup to transform B2B payments and liquidity access 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 will drive economic growth and development in the markets we serve,” he said.

The move comes amid a growing demand for cross-border payments, fuelled by a surge in remittance flows and global trade. According to a Bank of England forecast, the global cross-border payments market is expected to exceed $250 trillion by 2027.

Founded by Maxwell Obi, a seasoned entrepreneur, and Emmanuel Igbodudu, a senior software engineer, Waza operates as a registered money services business in the United States and a licensed virtual asset service provider. The platform, which launched in stealth mode in January 2023 following its participation in Y Combinator’s Winter 23 batch, has quickly gained traction. It has served hundreds of businesses, processed over $700 million in annualised payment volume, and facilitated payments across six continents, boasting a 20% monthly growth rate.