Waza, a B2B payments company supported by YCombinator, has introduced Lync, a banking solution tailored for businesses to manage multi-currency accounts and facilitate international payments. This initiative follows recent actions by Mercury, a fintech based in San Francisco, that affected startups in several African countries. This development has spurred interest in alternative solutions, with Waza positioning itself as a prominent player in this sector alongside companies like Raenest, Leatherback, and Vesti.
Lync allows businesses to receive funds and conduct transactions in over 100 countries, supporting various currencies such as USD, EUR, GBP, NGN, and stablecoins. In contrast to competitors using wallet-based systems, Lync provides full banking access, simplifying payment reconciliation for businesses as transactions are processed under their accounts.
Maxwell Obi, co-founder and CEO of Waza, emphasized Lync’s extensive banking functionalities, including ACH, Fedwire, SWIFT, and local payment rails like the UK’s Faster Payments. These features enable companies with global operations to manage payments and foreign exchange liquidity efficiently from a unified platform. Additionally, Waza intends to offer trade financing services through the app, such as pre-shipment and invoice financing, crucial for businesses involved in international trade.
Lync represents Waza’s second product release and follows the company’s successful $8 million funding round in 2024, which will support its expansion and the development of new products. Notably, one of Lync’s key advantages is its competitive transaction fees, attributed to Waza’s expertise in the fintech industry, allowing the company to secure favorable FX rates for its clients. By having greater control over its payment infrastructure, Waza can offer cost-effective transactions and quicker settlement processes compared to many competitors.
Obi highlighted the company’s commitment to affordability and swift settlements in a recent interview, noting that maintaining control over their infrastructure enables them to deliver faster and more cost-effective solutions than their rivals.
The new web application, Lync, empowers businesses to conduct transactions in over 100 countries with multi-currency accounts supporting major currencies and stablecoins. With full banking features including ACH, Fedwire, SWIFT, and local rails like the UK’s Faster Payments, companies with global operations can efficiently manage payments and FX liquidity within a single platform.