Wave Mobile Money, an African fintech startup, has secured a $137 million debt financing facility to accelerate its mission of providing affordable financial services to millions of underserved people across Africa.
The round was led by Rand Merchant Bank (RMB), with participation from British International Investment (BII), Finnfund, and Norfund.
The $137 million facility will enable Wave to scale its ultra-low-cost mobile money platform, expand its agent network, and enter new markets across West Africa.
“This financing is a major milestone for Wave and the growth of mobile money in Africa,” said Coura Sene, Regional Director for Wave. “We are committed to building radically inclusive financial infrastructure that will transform lives across the continent.”
Founded in 2018, Wave has become one of Africa’s fastest-growing financial technology companies, offering affordable mobile money services that include free deposits and withdrawals, as well as peer-to-peer transfers with a 1% fee. The company serves more than 20 million active users per month through a network of over 150,000 agents.
CEO Drew Durbin emphasised the company’s mission in a statement: “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.”
What’s Next for Wave?
With this new funding, Wave plans to:
✅ Strengthen its operations in Senegal, Côte d’Ivoire, Gambia, Mali, Burkina Faso, Niger, and Cameroon
✅ Enter new markets across Africa
✅ Continue innovating affordable, customer-focused financial products
Wave’s growth is set to disrupt traditional banking models and increase financial inclusion for millions across the continent.
Wave previously raised $200 million in a landmark Series A round in 2021, achieving a $1.7 billion valuation and becoming Francophone Africa’s first fintech unicorn. The latest debt financing is expected to help Wave scale its business while avoiding equity dilution.
The participation of development-focused institutions such as BII, Finnfund, and Norfund signals continued confidence in Wave’s social impact, particularly its ability to reach financially underserved communities and empower women through affordable digital payments.
Rand Merchant Bank, the lead arranger, said in a separate note that the transaction supports financial inclusion goals across the region.
With this latest financing, Wave has raised more than $300 million since its inception, underscoring its status as a leading force in Africa’s booming fintech sector.
