Wave Secures €117M to Expand Mobile Money in Africa

African financial services startup, Wave Mobile Money (Wave), has secured €117m (+$2.4 billion) in debt financing to expand its affordable, user-focused mobile money offering across the continent. The financing round was led by Rand Merchant Bank (RMB), alongside a consortium of international finance institutions, including British International Investment (BII), Finnfund and Norfund.

Currently active in eight African markets, primarily across West Africa, Wave will use the new capital to strengthen its working capital and accelerate growth in both existing and new markets. The expansion aims to improve access to mobile money and financial services in underserved communities.

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“This financing is a major milestone for Wave and mobile money in Africa,” said Coura Sene, Regional Director and Head of Public Affairs at Wave. “It reflects growing confidence in our model and our mission: to build radically inclusive financial infrastructure that serves everyone, especially those traditionally left out by the formal banking system.”

Since launching in 2018, Wave has grown to more than 20 million monthly active users, with a support network of over 150 000 agents, and over 3000 employees across the continent. The company’s mobile-first business model combines low transaction fees, and around-the-clock customer support, helping it gain strong traction in markets like Senegal, where users rely on the platform for low-cost money transfers and bill payments.

“We started Wave to make financial services radically more affordable and accessible,” said Drew Durbin, CEO of Wave. “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.”