Nigerian startup Waza, a B2B payment provider for emerging market businesses, has launched Lync, a multi-currency account platform that combines foreign exchange (FX) liquidity solutions with a cutting-edge banking experience to power a new age of global trade for emerging market businesses incorporated in the United States (US), United Kingdom (UK) or European Union (EU).
Waza is a B2B payment and liquidity provider that makes it easier for large enterprises and multinational organisations in emerging markets to manage and pay their suppliers globally. The company has built a platform and payment rails that improve USD liquidity for users while providing a secure, easier, and more affordable way to make their global payments.
The startup emerged from stealth mode in August of last year, announcing it had secured US$8 million in equity and debt funding, and it has now launched Lync. Despite being incorporated and having operations in the US, UK and EU, many businesses that serve emerging markets such as Africa have significant difficulty accessing financial services such as bank accounts and credit facilities, due to arbitrary compliance thresholds, perceived risk appetite and other issues.
Lync is designed to address these challenges and provide a viable alternative to the existing options for businesses that serve emerging markets. The platform offers multi-currency accounts, starting with USD, EUR, GBP, NGN and Stablecoins, with payments to more than 100 countries.
These accounts are more than just wallets, they are fully featured accounts which support various payment methods, including ACH, Fedwire, SWIFT, and other local payment rails like Faster Payments in the UK, making it easier for businesses with operations across the world to effectively manage their payments and FX liquidity on one platform.
Funds held in these accounts are FDIC-insured, giving businesses the confidence to explore new markets and take on new opportunities. Additionally, Lync offers competitive foreign exchange (FX) rates, making it the ideal solution for companies looking to expand globally and manage their finances efficiently.
“We created Lync to serve as a pivotal platform that will not only support business payments and liquidity but also drive broader economic growth and prosperity in emerging markets,” said Maxwell Obi, CEO and co-founder of Waza.
“By unlocking access to essential financial services, we are confident that Lync will empower more businesses to expand, reach new markets and overcome longstanding financial barriers. We are incredibly excited about the potential of Lync to transform how businesses operate, making it easier for them to scale, optimize cash flow, and drive sustainable growth.”
