Payments Startup Waza Raises USD 8 M

Waza, a payment and liquidity platform for emerging market businesses, has secured USD 8 M in equity and debt funding. The funding includes a USD 3 M seed equity round from Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, Olive Tree Capital, and others. Additionally, a USD 5 M debt funding was secured from Timon Capital.

Waza started its operations 18 months ago in stealth in January 2023 after joining YCombinator’s Winter 23 batch. It has since served hundreds of businesses, processing over USD 700 million in annualised payment volume, facilitating business payments across six continents, and impressively growing at 20% monthly. As per the company, it achieved profitability in the fourth quarter of 2023 and successfully sustained its profitability into 2024. The new funding will support its expansion into new markets beyond its current operations in Ghana and Nigeria, as well as the delivery of new trade finance solutions.

Waza is an MSB-registered entity in the US and a VASP-licensed company that has built a B2B payment and liquidity platform that makes it easy for emerging market businesses to pay their suppliers globally. The company is building the payment infrastructure that will help improve foreign exchange liquidity in these markets while giving businesses a secure, easier, and more affordable way to make their global payments.