She traded with Hamburg, Trieste, and Tobago, before sailing to the Cape of Good Hope with emigrants.

Waterloo first appeared in Lloyd's Register (LR) in 1815 with J.Hann, master, Grenville, owner, and trade London–Hambro.

[2] LR for 1822 showed Waterloo with D[avid] [Thomson] Lyon, master, J&P Nichols, owners, and trade London–CGH.

On 25 October 1821 Waterloo, Lyon, master, was driven ashore at Fish Hook Bay, Cape of Good Hope.

[9] Early in November the Cape Town Gazette and African Adviser published a notice that on 6 November there would be a sale on the beach at Fisch Hoek Bay of Waterloo's masts, yards, sails, rigging, boat, provisions, furniture, material and damaged cargo saved from the wreck, as well as her anchors and cables, and that part of her cargo that had not been recovered.