Waza, a fast-growing fintech company operating in Ghana and Nigeria, has secured $8 million in funding to simplify business payments for African enterprises dealing with global vendors and suppliers. Founded in January 2023, Waza has quickly established itself as a key player in B2B payments and liquidity solutions for emerging markets, successfully closing a multi-million-dollar funding round that includes both debt and equity.
The funding was led by Timon Capital, which committed $5 million in debt financing. Additional seed capital of $3 million was provided by a coalition of institutional and strategic investors, including Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. This strong backing from diverse investors underscores Waza’s potential to revolutionize cross-border payments in Africa.
Waza’s mission remains clear: to make business payments in Nigeria and other emerging markets seamless and efficient. Since its launch, the company has served hundreds of businesses in Nigeria and Ghana, processing over $700 million in annualized payment volume. This includes facilitating payments to a wide range of countries across six continents, highlighting Waza’s expanding global reach.
With this new funding, Waza plans to expand into additional markets and introduce innovative trade finance solutions that will empower African businesses to thrive on the global stage. CEO and co-founder Maxwell Obi expressed excitement about the company’s growth trajectory and the opportunity to bridge the foreign exchange and liquidity gap, ultimately driving economic growth and development in the markets they serve.
Waza has grown at a remarkable rate of 20% per month, achieving profitability in Q4 of 2023. This new capital will fuel its expansion beyond its current operations in Ghana and Nigeria, enabling the company to scale its impact even further. Timon Capital’s Managing Director, Chris Muscarella, emphasized the significance of Waza’s work in frontier markets and expressed enthusiasm for the partnership with Maxwell and his team.
This strategic investment positions Waza to continue its mission of transforming B2B payments and liquidity access for businesses across Africa, making a significant contribution to the continent’s economic development.
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