Senegalese fintech pioneer Wave has raised $137 million in debt financing to supercharge its growth across the African continent, in what is being hailed as a landmark moment for mobile financial services in the region.
The financing round was led by South Africa’s Rand Merchant Bank (RMB), in collaboration with a coalition of major international development finance institutions. These include British International Investment (BII), Norfund of Norway, and the Finnish fund Finnfund.
According to TechCabal, the investment reflects growing confidence in Wave’s unique business model that prioritises affordability and financial inclusion.
“I’m thrilled by this financing. It means we can help even more people by delivering the best possible product at the lowest possible price,” said Drew Durbin, CEO of Wave.
Founded in 2018, Wave has rapidly carved out a leading role in Africa’s financial technology scene. Operating in eight countries across West Africa, the company now serves more than 20 million monthly active users.
Its platform is powered by a vast network of over 150,000 agents and supported by a staff of 3,000 people spread across the continent.
In June, the company made a strategic leap into Cameroon, marking its first move beyond predominantly French-speaking West African markets.
This expansion was made possible through regulatory approval secured via a new partnership with Commercial Bank Cameroon (CBC).
Wave has revolutionised mobile money services with its low-cost pricing structure.
While traditional telecom operators like Orange, Free, and Expresso charge 5% to 10% per transaction, Wave offers free deposits and withdrawals.
It charges a flat 1% fee for peer-to-peer transfers, with additional costs only applied to bill payments made to companies.
The firm achieved unicorn status in 2021 with a $1.7 billion valuation after securing $200 million in Series A funding — the largest ever raised by a startup in French-speaking Africa.
To date, Wave has raised more than $300 million in funding.
Its reputation has been cemented globally, having featured in Y Combinator’s Top 50 list of most profitable startups for two consecutive years in 2023 and 2024 — the only African company to do so.
With this fresh wave of capital, the company is poised to expand even further, bringing its model of accessible and affordable financial services to millions more across Africa.
About The Author
