Waza, a YCombinator-backed B2B payments company, has introduced Lync, a banking product designed to help businesses manage multi-currency accounts and streamline international payments. This launch comes at a critical time, as African startups face increased challenges in accessing reliable banking services due to recent restrictions by Mercury, a San Francisco-based fintech, on accounts from 13 African countries.
A Solution for Multi-Currency Transactions
Lync enables businesses to receive payments and transact in over 100 countries, supporting a range of currencies, including USD, EUR, GBP, NGN, and stablecoins. Unlike many competitors that use wallet-based systems—where transactions are processed under the provider’s name—Lync offers full banking access. This allows businesses to manage transactions directly under their accounts, simplifying reconciliation and enhancing transparency.
Key features of Lync include:
- Banking capabilities: Support for ACH, Fedwire, SWIFT, and local payment systems like the UK’s Faster Payments.
- Affordable fees: Competitive transaction rates due to Waza’s control over its payment infrastructure.
- Trade financing: Upcoming features such as pre-shipment and invoice financing to support businesses engaged in international trade.
Filling a Gap in the Market
The launch of Lync positions Waza as a key player in a growing market alongside competitors like Raenest, Leatherback, and Vesti. The demand for reliable alternatives surged after Mercury’s restrictions in July 2024, leaving many African startups and businesses scrambling for solutions.
Waza co-founder and CEO, Maxwell Obi, emphasized Lync’s focus on affordability and speed. “By maintaining more control over our infrastructure, we can provide cheaper and faster solutions than the competition,” Obi said in a recent interview.
A Robust Platform for Global Operations
Lync is built to serve companies with global operations, offering seamless management of payments and foreign exchange (FX) liquidity through a single platform. Businesses can make payments in multiple currencies while benefiting from fast settlement speeds and low transaction costs.
The product also promises to enhance operational efficiency with its comprehensive suite of banking features, catering to the needs of businesses in diverse sectors, including trade, tech, and e-commerce.
Backed by Significant Funding
The launch of Lync follows Waza’s $8 million funding round in 2024, which has fueled the company’s expansion and product development efforts. Lync is Waza’s second product and builds on the company’s expertise in fintech, positioning it as a strong competitor in the global payments and trade financing space.
Why Lync Stands Out
- Full Banking Features: Unlike wallet-based systems, Lync provides businesses with actual banking accounts, improving reconciliation and financial transparency.
- Competitive FX Rates: Years of fintech experience enable Waza to offer attractive foreign exchange rates.
- Fast and Affordable: Lync’s control over its payment infrastructure ensures quicker settlements at lower costs.
Looking Ahead
With the launch of Lync, Waza aims to empower businesses with the tools they need to thrive in a global economy. The platform’s ability to handle multi-currency accounts, streamline international payments, and offer trade financing makes it a vital tool for companies navigating the complexities of cross-border commerce.
As African startups and businesses continue to expand their global reach, solutions like Lync could play a pivotal role in fostering growth and innovation in the region.