Nigeria’s Waza raises $8m to expand trade finance solutions

STARTUP VENTURE CAPITALAugust 20, 2024 at 9:17 AM UTC

TLDR

Waza, a B2B payment provider for emerging markets, secures $8 million for expansion and new trade finance solutions.
Funding includes $3 million in equity from investors like Y Combinator and $5 million in debt from Timon Capital.
CEO Maxwell Obi emphasizes Waza's mission to revolutionize B2B payments and liquidity access in Africa.

Waza, a Y Combinator-backed B2B payment and liquidity provider for emerging market businesses, has secured $8 million in equity and debt funding to expand its operations beyond Ghana and Nigeria and introduce new trade finance solutions.

The funding includes a $3 million seed equity round from investors such as Y Combinator, Byld Ventures, and others, along with $5 million in debt funding from Timon Capital.

CEO and co-founder Maxwell Obi highlighted that this funding brings Waza closer to its goal of transforming B2B payments and liquidity access for businesses across Africa.

Key Takeaways

Emerging economies often struggle with trade deficits that drive higher demand for the dollar, which dominates global trade. This demand-supply imbalance leads to increased costs and trade delays. In Africa, this issue is worsened by a lack of tech solutions that address the liquidity needs of large enterprises and multinationals. Many cross-border payment platforms focus on consumer-facing products, leaving a gap in services for bigger businesses. The recent funding surge reflects growing demand for cross-border payments amid rising remittance flows and global trade. The Bank of England forecasts the global cross-border payments market will exceed $250 trillion by 2027.

Venture Capital

Startups

Waza

Y Combinator

Byld Ventures

Timon Capital

Fintech

Cross-Border Payments

Ghana

Nigeria

Trade Finance