The investment will fuel the company’s expansion beyond its current footprint in Ghana and Nigeria and introduce new trade finance offerings.

The equity portion of the funding, totaling $3 million, was secured from investors including Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, and Olive Tree Capital.

Additionally, Waza obtained $5 million in debt financing from Timon Capital to pilot trade finance solutions for large enterprise clients.

Founded by Maxwell Obi and Emmanuel Igbodudu in 2023, Waza has rapidly grown since joining Y Combinator’s Winter 23 batch.

The platform has processed over $700 million in annualized payment volume and serves hundreds of businesses across six continents. Notably, Waza achieved profitability in the fourth quarter of 2023.

“This funding brings us closer to our vision of transforming B2B payments and liquidity access across Africa,” said Maxwell Obi, CEO of Waza.

“By enhancing settlement infrastructure, we’re addressing the foreign exchange and liquidity challenges faced by African businesses, opening doors to more global trade opportunities.”

The investment comes amid a surge in cross-border payments, driven by increasing remittance flows and global trade.

With the global cross-border payments market projected to exceed $250 trillion by 2027, Waza is well-positioned to capitalize on this growth.