Waste reduction and reuse is a crucial target of current research efforts. In this respect, the present study was focused on providing an example of local investment in a simple process configuration that converts whey into value-added compounds and allows recovery of a clean water stream. In particular, buffalo milk whey obtained during mozzarella manufacturing was ultrafiltered in-house on spiral membrane modules (20 kDa), and the two obtained fractions, namely the retentate and the permeate, provided by the dairy factory, were further processed during this work. The use of an additional nanofiltration step allowed the recovery of high-quality water to be reused in the production cycle (machine rinsing water within the facility) and/or in agriculture, also reducing disposal costs and the environmental impact. The ultrafiltration retentate, on the other hand, was spray-dried and the powder obtained was used as the main substrate for the cultivation of Lactobacillus fermentum, a widely studied probiotic with anti-inflammatory, immunomodulatory and cholesterol-lowering properties. In addition, the same sample was tested in vitro on a human keratinocytes model. Resuspended concentrated whey powder improved cell reparation rate in scratch assays, assisted through time-lapse video-microscopy. Overall these data support the potential of buffalo whey as a source of biologically active components and recyclable water in the frame of a local circular economy approach.