Senegal‑based fintech startup Wave has secured a $137 million debt financing facility to accelerate the rollout of its mobile money platform across underserved communities in West and Central Africa. The debt deal was led by Rand Merchant Bank, alongside development finance partners including British International Investment, Finnfund, and Norfund.
Founded in 2018, Wave has rapidly become one of the continent’s most valuable and mission-driven fintech companies. Today, the company serves more than 20 million active users per month across eight West African countries, supported by a network of over 150,000 agents and nearly 3,000 employees.
Wave offers a simplified, ultra‑low‑cost mobile money model: free deposits and withdrawals via its app or physical agents, with a flat 1% peer‑to‑peer transfer fee. Merchants, not users, bear bill‑payment fees—making the service especially affordable for low‑income populations previously excluded from formal financial channels.
This round fuels Wave’s next growth phase. The company plans to strengthen its agent network, deepen operations in existing markets like Senegal, Côte d’Ivoire and Gambia, and expand into new territories such as Cameroon, where it recently received operational approval through a partnership with a local bank.
Drew Durbin, CEO and co‑founder of Wave, highlighted the strategic importance of the debt facility, noting that it enables ongoing scale without equity dilution. “This financing is a major milestone for Wave and the broader mobile money sector in Africa. It reflects strong confidence in our mission to deliver affordable digital financial services at scale.”
Coura Sene, Regional Director at Wave, reinforced the sentiment: “It’s a strong vote of confidence in our exclusion‑busting business model, which is designed to serve those most underserved by traditional banking.”
Wave achieved unicorn status in 2021 with a $200 million Series A, becoming the first ever Francophone African fintech startup valued at $1.7 billion. It has since raised more than $300 million in total. The company also earned accolades for its financial performance, becoming the only African firm on Y Combinator’s Top 50 earning startups list in both 2023 and 2024.
With this new capital, Wave is positioned to deepen its impact across the continent—delivering frictionless, low-cost mobile money services to millions, and setting a new benchmark for financial inclusion innovation across Africa.
Read more on Tech Gist Africa:
KERA, a Senegalese E-Health Startup Secures $10 Million Funding
Solarbox, a Senegalese energy solutions startup, has raised $1 million in pre-seed funding
Socium, a Senegalese HR-tech startup, has secured $5 million in seed funding
