YC-backed Waza launches Lync, an alternative to Mercury for African startups after $8m raise
Waza launched Lync, a banking product for multi-currency account management. Mercury restricted accounts for startups in 13 African countries in July 2024.
"Improving funding to female founders will depend on how much investors are willing to check their bias"— June Angelides, founder, Levare Ventures
Only 2% of funding goes to African startups with an all-female founding team. June Angelides emphasizes the need for women to be more confident while pitching.
Local banking solutions step up following Mercury’s withdrawal
Several African startup founders have been asked to close their accounts with American neobank, Mercury, due to compliance changes. African startups often need US bank accounts to boost credibility with investors.
Raenest, Leatherback, Vesti, and Graph Emerge as Mercury Alternatives for African Entrepreneurs
Raenest, Leatherback, and Vesti are now the focus of several founders seeking new banking partners Leatherback is currently in talks with 50 startups about setting up U.S. banking accounts
