Waza, a payment and liquidity platform designed for emerging market businesses, has successfully raised $8 million in equity and debt funding to enhance the ability of African businesses, traders, and large organizations to manage and pay their suppliers globally.
This funding includes a $3 million seed equity round from a range of institutional and strategic investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Additionally, Waza secured $5 million in debt funding from Timon Capital, which will be utilized to pilot trade financing for its large enterprise clients in a market that represents an additional $371 billion opportunity in Africa.
Founded by Maxwell Obi, a co-founder of the Nigerian fintech Amplify, and Emmanuel Igbodudu, a former senior engineer at Revolut, Waza is a Money Services Business (MSB) registered entity in the United States and a Virtual Asset Service Provider (VASP) licensed company, with operational presence in Ghana and Nigeria.
Having commenced operations quietly 18 months ago in January 2023 after participating in Y Combinator’s Winter 23 batch, Waza has since onboarded hundreds of businesses and processed an annualized payment volume exceeding $700 million. The company operates across six continents and is experiencing a monthly growth rate of 20%. Waza attained profitability in the fourth quarter of 2023 and has maintained this profitability into 2024. The new funding will facilitate its expansion into new markets beyond Ghana and Nigeria and support the introduction of additional trade finance products.
Maxwell Obi stated, “This new funding brings us closer to our vision of transforming B2B payments and access to liquidity for businesses across the continent. By providing a more efficient settlement infrastructure, we bridge the foreign exchange and liquidity gap, empowering African businesses to seize more global trade opportunities that will foster economic growth and development in the markets we serve.”