Wafi

Wafi, founded by ex-Plaid product lead Victor Umunze, offers an API-based open banking payment infrastructure for ecommerce businesses. Users can select and link their respective bank accounts to Wafi and businesses can embed Wafi as a checkout method. In addition to enabling real-time payments, Wafi also offers proprietary detection technology to prevent payment fraud and lets merchants build customer loyalty programs.

Wafi’s payment solution comprises three main components: 1) Wafi Checkout (checkout solution for ecommerce platforms), 2) Wafi Pay (enables merchants to send and receive payments from bank accounts), and 3) Wafi Connect (lets merchants access customers’ bank account information).

The company charges its merchant users on a pay-per-use basis. Wafi claims that it can reduce the payment processing fee for merchants by around 50% by eliminating redundant entities. Moreover, it also offered a cashback of up to 0.75% for end users, as of January 2023.