Waza Closes $8 Million Funding Round to Scale Global B2B Payment Solutions Across Africa

Waza, a B2B payment and liquidity provider for emerging market businesses, has secured US$8m in a combination of equity and debt funding. The funds will be used to expand the company’s operations beyond its current presence in Ghana and Nigeria and to introduce new trade finance solutions.

The funding includes a US$3m seed equity round from investors such as Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. Additionally, Waza received US$5m in debt financing from Timon Capital, earmarked to pilot trade financing services for large enterprise clients.

Maxwell Obi, CEO and co-founder of Waza, emphasised that this funding milestone brings the startup closer to its goal of revolutionising B2B payments and liquidity access for businesses across Africa. “By providing a more efficient settlement infrastructure, we are bridging the foreign exchange and liquidity gap, empowering African businesses to access more global trade opportunities, which will drive economic growth and development in the markets we serve,” he said.

The funding comes at a time of growing demand for cross-border payments, driven by increasing remittance flows and global trade. According to the Bank of England, the global cross-border payments market is expected to exceed US$250tn by 2027.

Waza was founded by Maxwell Obi, a two-time entrepreneur, and Emmanuel Igbodudu, a senior software engineer. The company is a money services business registered in the United States and is licensed as a virtual asset service provider. Waza’s platform simplifies global payments for emerging market businesses by providing efficient B2B payment and liquidity solutions.

The startup began operating in stealth mode in January 2023, following its participation in Y Combinator’s Winter 2023 batch. Since its launch, Waza has served hundreds of businesses, processing over US$700m in annualised payment volume and facilitating transactions across six continents. The company reports a 20 per cent monthly growth rate.

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