Waza a YCombinator-backed B2B payments platform, has introduced Lync, a banking solution designed to help businesses manage multi-currency accounts and process international payments. This launch follows Mercury’s July 2024 decision to restrict account access for startups in 13 African countries due to compliance adjustments. With demand for alternatives on the rise, Waza aims to compete with other players like Raenest, Leatherback, and Vesti in this evolving market.
Maxwell Obi, Waza’s co-founder and CEO, highlighted Lync’s advanced banking infrastructure, which includes ACH, Fedwire, SWIFT, and local payment rails like the UK’s Faster Payments. These features allow businesses with global operations to streamline payments and manage foreign exchange liquidity from a single platform. Additionally, Waza plans to add trade financing options to Lync, including pre-shipment and invoice financing, to support businesses involved in international trade.
Lync supports transactions in over 100 countries and offers multi-currency capabilities, including USD, EUR, GBP, NGN, and stablecoins. Unlike many competitors that use wallet-based systems—processing transactions under their own names—Lync provides full banking access. This ensures that payments are processed directly under the customer’s account, simplifying reconciliation for businesses.
Lync marks Waza’s second product and follows its $8 million funding round in 2024. This funding is being utilized for market expansion and the development of innovative solutions. One of Lync’s key advantages is its affordability. Drawing on years of fintech experience, Waza has secured competitive FX rates for its customers. By controlling its payment infrastructure, the company is able to offer lower transaction costs and faster settlement times, making Lync a compelling choice for businesses seeking cost-effective and efficient international payment solutions.