Waza, a YCombinator-backed fintech company specializing in B2B payments, has launched Lync, a revolutionary banking platform designed to simplify multi-currency account management and international transactions for businesses. This development comes as a result of significant market shifts, including the decision made in July 2024 by Mercury, a San Francisco-based fintech to restrict account access for startups in 13 African countries due to compliance updates. This void has created an opportunity for innovative solutions, with Waza positioning Lync as a key alternative alongside competitors like Raenest, Leatherback, and Vesti.
Lync empowers businesses to send and receive payments across more than 100 countries, supporting a range of currencies such as USD, EUR, GBP, NGN, and stable coins. Unlike many competitors relying on wallet-based systems—where transactions are processed under the company’s name—Lync offers businesses full banking access. This approach allows companies to streamline reconciliation, as all transactions are directly linked to their accounts, enhancing transparency and operational efficiency.
According to Waza’s co-founder and CEO Maxwell Obi, Lync’s wide banking capabilities include ACH, Fedwire, SWIFT, and regional payment systems like the UK’s Faster Payments. These features enable globally active businesses to manage payments and foreign exchange (FX) liquidity seamlessly through a single platform. Additionally, Waza plans to incorporate trade financing tools into the platform, such as pre-shipment financing and invoice financing, to further support businesses engaged in international trade. “Affordability and settlement speed have always been at the heart of our value proposition,” Obi said. “By retaining more control over our payment infrastructure, we can deliver solutions that are both cost-effective and efficient.”
Waza’s extensive experience in the fintech industry has allowed it to secure favorable FX rates, which, combined with its proprietary payment infrastructure, results in lower transaction fees and faster settlement times. This positions Lync as a cost-effective solution for businesses navigating the complexities of global payments.
The newly launched web app allows businesses to make payments in over 100 countries, operate multi-currency accounts in USD, EUR, GBP, NGN, and stable coins as well as access full banking functionality, including ACH, Fedwire, and SWIFT.
Lync is Waza’s second product launch and follows the company’s successful $8 million funding round in 2024. These funds are earmarked for expanding market reach and developing innovative financial solutions, further solidifying Waza’s position as a leader in the B2B payments landscape.
As businesses continue to seek alternatives in a rapidly evolving financial environment, platforms like Lync offer not just a solution but a competitive edge in global operations. With its focus on affordability, speed, and comprehensive banking features, Waza is setting a new standard for international business payments.
