Waza, a YCombinator-backed B2B payments company, has launched Lync, a banking product for managing multi-currency accounts and international payments. The launch follows Mercury’s restriction of accounts for startups in 13 African countries in July 2024. Waza is positioning itself alongside competitors like Raenest, Leatherback, and Vesti.
Lync allows businesses to send and receive payments in over 100 countries, supporting currencies like USD, EUR, GBP, NGN, and stablecoins. Unlike wallet-based systems, Lync offers full banking access, making payment reconciliation easier for businesses. Funds are processed under the customers’ accounts rather than the company’s name.
Maxwell Obi, Waza’s co-founder and CEO, highlighted Lync’s comprehensive banking features, including ACH, Fedwire, SWIFT, and local payment systems like the UK’s Faster Payments. This enables businesses with global operations to manage payments and foreign exchange liquidity from one platform. Lync also plans to offer trade financing services such as pre-shipment and invoice financing.
Waza raised $8 million in 2024 to fund market expansion and product development. Obi stated that Lync’s affordable transaction fees and fast settlement speeds are key selling points. By controlling its payment infrastructure, Waza can offer cheaper and faster services than many competitors.
“Our value proposition has always been about affordability and speed,” Obi told TechCrunch. The web app allows businesses to manage payments across multiple currencies, with full banking features and trade financing options.
