Waza is Set to Expand with $8 Million Cash Boost

Waza, a Y Combinator-backed B2B payment and liquidity provider, has secured a significant cash boost of $8 million through a combination of $3 million in seed equity and $5 million in debt funding.

This funding is poised to facilitate the company’s expansion beyond its current operations in Ghana and Nigeria, allowing it to introduce new trade finance solutions aimed at enhancing business transactions in emerging markets.

Funding Breakdown

The recent funding round is a notable step for Waza, which was founded by Maxwell Obi and Emmanuel Igbodudu in January 2023.

The $3 million seed equity was contributed by prominent investors including Y Combinator, Byld Ventures, and Norrsken Africa.

Additionally, $5 million in debt funding was secured from Timon Capital, specifically earmarked to kickstart trade financing initiatives for large enterprise clients.

Waza is Set to Expand with $8 Million Cash Boost

This strategic financial support is expected to bolster Waza’s ability to provide seamless payment solutions for businesses operating in challenging economic environments.

Waza’s Growth Trajectory

Since its inception, Waza has demonstrated impressive growth.

The company has processed over $700 million in annualized payment volume, achieving a remarkable 20% monthly growth rate.

This growth trajectory has allowed Waza to serve businesses across six continents, establishing itself as a vital player in the global payment landscape.

Notably, Waza reached profitability in the fourth quarter of 2023 and has maintained this positive trend into 2024, showcasing its sustainable business model.

The funding comes on the heels of a $1.2 million pre-seed round that Waza raised earlier in 2023, which was instrumental in building out its payment infrastructure tailored for emerging markets.

This prior investment laid the groundwork for the company’s current operations and growth strategies.

Market Impact and Future Plans

Waza’s expansion plans are particularly significant for businesses in emerging markets, where traditional banking systems often fall short.

By providing innovative payment solutions, Waza aims to simplify the process of paying suppliers globally, thereby enhancing trade and commerce in regions that are often underserved by conventional financial institutions.

The introduction of new trade finance solutions is expected to attract more enterprise clients, enabling them to leverage Waza’s platform for their financial transactions.

This move not only positions Waza as a leader in the B2B payment sector but also contributes to the broader economic development of the regions it serves.

Conclusion

With the recent $8 million funding boost, Waza is set to make significant strides in its mission to transform payment solutions for businesses in emerging markets.

The combination of $3 million in seed equity and $5 million in debt funding will empower the company to expand its operations and enhance its service offerings.

As Waza continues to grow and innovate, it stands to play a crucial role in shaping the future of B2B payments in regions that are often overlooked by traditional financial services.

The success of Waza could serve as a model for other startups aiming to address similar challenges in the global marketplace.

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