Lync aims to address the challenges faced by businesses serving emerging markets, such as Africa, which often encounter difficulties accessing financial services due to compliance barriers and other systemic issues.
Many businesses in this sector, especially those with emerging market founders or operations, struggle to secure traditional financial services such as bank accounts or credit facilities. Recent incidents where financial providers discontinued services for these businesses have caused disruptions in trade and uncompleted transactions, further complicating business planning and growth.
Lync is positioned to provide an alternative by offering multi-currency accounts that support US Dollars (USD), Euros (EUR), British Pounds (GBP), Nigerian Naira (NGN), and stablecoins, with the ability to process payments in over 100 countries.
The platform offers various payment methods, including ACH, Fedwire, SWIFT, and local payment systems like Faster Payments in the UK. It also provides businesses with access to competitive FX rates, which can be essential for managing cross-border transactions. Funds held in Lync accounts are FDIC-insured, adding an extra layer of security for users.
Waza has secured 3 million USD in seed funding and 5 million USD in venture debt to scale its operations. The introduction of Lync is part of the company's strategy to expand from offering FX and cross-border payment services to providing a more comprehensive multi-currency banking product. Lync is designed to help businesses gain greater control over their payment operations and navigate the global financial landscape more efficiently.
The platform is intended to support large enterprises, technology companies, and businesses with existing global operations. It can assist businesses that require access to FX liquidity and international payments, as well as those seeking to expand globally. Since its stealth launch in January 2023, Waza has processed over 700 million USD in annual payment volume, serving businesses in multiple continents, including Nigeria and Ghana, and plans further global expansion.
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