Waza, a Nigerian B2B payments platform and liquidity provider, has secured $8 million in funding to expand its operations across emerging markets.
Founded in January 2023, Waza has quickly established itself as a key player in facilitating seamless business payments in Nigeria and Ghana, processing over $700 million in annualized payment volume.
The recent funding round comprises $5 million in debt financing from Timon Capital and $3 million in seed capital from a coalition of investors, including Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital.
The company aims to simplify cross-border payments for African businesses, allowing them to pay international vendors and suppliers easily. With this new capital injection, Waza plans to expand its operations beyond its current markets in Ghana and Nigeria and introduce innovative trade finance solutions.
The company has already served hundreds of firms in the region, facilitating payments to countries across six continents, including the United States, Singapore, China, Germany, and the United Kingdom.
The Waza CEO and co-founder, Maxwell Obi emphasized that the funding brings the company closer to its vision of transforming B2B payments and improving access to liquidity for businesses across the continent.
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Obi highlighted the importance of bridging the foreign exchange and liquidity gap, which he believes will empower African businesses to access more global trade opportunities, driving economic growth in their markets. The company has been expanding at a 20% monthly rate and achieved profitability in the fourth quarter of 2023.
The Managing Director of Timon Capital, Chris Muscarella, expressed confidence in Waza’s potential to capture significant opportunities in frontier markets. He noted the deep expertise of Waza’s team in handling cross-border flows, which positions the company well for continued growth and success in the region. The funding will enable Waza to further its mission of supporting African businesses by providing a more efficient settlement infrastructure and unlocking new global trade opportunities.
