Waza, a Nigerian Payment and Liquidity Provider, Raises $8 Million in Funding
Waza, a Nigerian payment and liquidity provider for businesses in emerging markets, has secured $8 million in funding, comprising both equity and debt. The equity portion, worth $3 million, was provided by Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital. The $5 million debt was contracted from Timon Capital.
Despite being only 18 months old, Waza has achieved remarkable success. Launched in January 2023 after completing an incubation program, the startup has served hundreds of businesses, processed over $700 million in payment volume, facilitated cross-border payments across all continents, and experienced an impressive average monthly growth rate of 20%.
The cherry on top: Waza became profitable in the fourth quarter of 2023 and has remained so since. The new funding will support its expansion into new markets beyond its current operations in Ghana and Nigeria, as well as the development of new trade financing solutions. Waza has a potential market size of $7 trillion in African business payments globally, with the potential to generate $250 billion in revenue.
The startup is capitalizing on the growing business of cross-border payment management for Africa. It has successfully identified a need that most global providers have failed to meet. The key to Waza's success lies in its secure, easier, and more affordable foreign exchange payment solution, which sets it apart from competitors. The bet has paid off.
