Wave Mobile Money declared on Monday that it has secured €117 million in debt financing to expedite its mobile money services expansion throughout Africa.
This funding round was led by Rand Merchant Bank (RMB) alongside development finance institutions including British International Investment, Finnfund, and Norfund.
Wave’s rapid growth and expansion strategy
Since its founding in 2018, Wave has rapidly grown to serve over 20 million monthly active users across eight African countries, mainly in West Africa.
The company operates through a network of more than 150,000 agents and employs over 3,000 people continent-wide.
Wave’s mobile-first platform offers low-cost financial services such as money transfers, bill payments, and deposits, often charging fees as low as 1%, with free deposits and no maintenance fees.
CEO Drew Durbin emphasized the company’s mission: “We started Wave to make financial services radically more affordable and accessible. I’m thrilled about this funding, it means we can help even more people by delivering the best possible product at the lowest possible price”.
This new capital will bolster Wave’s working capital and deepen its presence in existing markets like Senegal, Côte d’Ivoire, and Mali, while entering new territories with high growth potential.
Boosting financial inclusion for underserved communities
Wave’s platform transforms financial access for millions of underbanked Africans by providing a simple, affordable alternative to traditional banking and telecom-led mobile money services, often charging higher fees.
In countries like Senegal, Gambia, and Côte d’Ivoire, Wave has reshaped the financial landscape by enabling low-cost transfers and bill payments, significantly increasing financial inclusion among low-income populations.
Coura Sène, Regional Director at Wave, highlighted the broader impact: “This financing marks a key milestone for Wave and the future of mobile money in Africa. It reflects a growing confidence in our ability to transform access to financial services for historically marginalized populations”.
The company’s focus on user-friendly design and 24/7 customer support has helped it quickly become a trusted financial partner in the regions it serves.
With mobile money usage surging across Africa, Wave’s successful fundraising underscores global investor confidence in fintech solutions that promote economic participation and digital payments on the continent.
This funding will enable Wave to expand its agent network, enhance product offerings, and forge new regulatory partnerships to reach millions more users.
