Fintech company Waza, nurtured by YCombinator, has paved the way for African startups with its groundbreaking banking product, Lync. The dynamic duo behind Waza, Maxwell Obi and Emmanuel Igbodudu, have created a game-changing alternative to Mercury following an impressive $8 million fundraising endeavor.
The financial landscape of Africa witnessed a seismic shift when Mercury, a prominent San Francisco-based fintech entity, made the decision to limit accounts for startups across 13 African nations in July of 2024 due to internal adjustments in compliance protocols. This development sparked a surge in demand for innovative solutions within the market. In response to this emerging need, Waza emerged as a frontrunner alongside industry peers like Raenest, Leatherback, and Vesti.
**Empowering Businesses Worldwide**
Lync is not just another run-of-the-mill payment platform; it is a sophisticated tool that empowers businesses to effortlessly manage multi-currency accounts and conduct international transactions with ease. With Lync at their disposal, companies can send and receive funds across more than 100 countries while supporting various currencies including USD, EUR, GBP, NGN (Naira), and stablecoins.
Unlike its competitors who rely on wallet-based systems that process transactions under the company’s name rather than the customer’s identity—creating potential reconciliation challenges—Lync offers full-fledged banking access. This distinctive feature ensures that payments are seamlessly processed under the respective business accounts.
Maxwell Obi emphasized the comprehensive banking capabilities woven into Lync’s framework during an illuminating discussion. By integrating essential services such as ACH (Automated Clearing House), Fedwire, SWIFT (Society for Worldwide Interbank Financial Telecommunication), and local payment rails like the UK’s Faster Payments system within Lync’s interface; companies with global operations gain unparalleled control over their payment processes and foreign exchange liquidity from a unified platform.
Additionally, Waza has ambitious plans to roll out trade financing services through Lync—an invaluable resource for businesses engaged in international trade. Services like pre-shipment financing and invoice financing are slated to become integral components of this multifaceted platform.
**A Beacon of Affordability**
One of Lync’s most compelling features lies in its affordable transaction fees—a factor that sets it apart from competitors in the marketplace. Drawing upon years of expertise within the fintech domain enables Waza to secure competitive FX rates on behalf of its clientele. Through meticulous oversight over its payment infrastructure—a luxury many rivals don’t enjoy—Waza can present lower transaction costs coupled with expedited settlement speeds.
In a recent interview with TechCrunch , Maxwell Obi underscored Waza’s commitment to affordability and swift settlements:
“Our value proposition has always been about affordability and speed of settlement,”
he iterated passionately while shedding light on how maintaining greater control over their infrastructure translates into faster and cost-effective solutions compared to industry counterparts.
**Seamless Global Transactions**
Leveraging cutting-edge technology embedded within their new web application facilitates seamless cross-border transactions for businesses operating worldwide. With multi-currency accounts spanning USDs, Euros,
Pounds Sterling (GBP), Naira (NGN), along with stablecoins—all complemented by full-scale banking functionalities encompassing ACH transfers,
Fedwire payments,
SWIFT transactions,
and localized channels such as Faster Payments utilized in the UK—Waza ensures that enterprises equipped with global reach can efficiently oversee payments
and fluidity amidst foreign exchange fluctuations all via one user-friendly platform.
Faith Omoniyi Reporter
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