Wave Mobile Money, a mobile financial service that offers affordable solutions for saving, transferring, and borrowing money across Africa, has secured $137 million in debt financing to expand operations across existing and new markets.
The funding led by Rand Merchant Bank (RMB) and backed by global development finance institutions, including British International Investment (BII), Finnfund, and Norfund, underscores investor confidence in Wave’s low-cost financial services model.
“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”, said Drew Durbin, CEO of Wave.
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Also commenting, the regional Director and Head of Public Affairs at Wave Coura Sene said, “This financing is a major milestone for Wave and mobile money in Africa. 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.”
Founded in 2018 by Drew Durbin and Lincoln Quirk, Wave has grown into one of Africa’s most valuable startups, revolutionizing digital payments in Africa with its low-cost, mobile-first model, driving financial inclusion for millions of unbanked and underserved individuals.
Since its inception, the mobile money has experienced remarkable growth across West Africa, now operating in eight countries and serving over 20 million monthly active users. The company boasts a network of more than 150,000 agents and employs 3,000 people across the continent.
Wave achieved unicorn status in September 2021 after raising $200 million in a Series A funding round, valuing the company at $1.7 billion. This made it Francophone Africa’s first unicorn and the largest Series A round for an African fintech startup at the time. It focuses on mobile money services, offering low-cost transactions with a 1% transfer fee, free deposits, and withdrawals via a mobile app or QR code cards for non-smartphone users.
In Senegal, Wave captured nearly 70% of the mobile money market within three years, demonstrating its disruptive potential. Its remittance arm, Sendwave, enables diaspora communities to send money directly to local wallets, enhancing economic connectivity.
Wave’s standout feature is its affordable pricing, free deposits and withdrawals via its mobile app and a flat 1% fee for peer-to-peer transfers, significantly lower than competitors like MTN and Airtel. This model, coupled with a network of over 150,000 agents and 3,000 employees, serves more than 29 million monthly active users across eight West African markets, including Senegal, Côte d’Ivoire, and Cameroon.
By passing additional fees for bill payments to businesses, Wave ensures cost transparency, making it a preferred choice for underserved communities. The company’s mobile-first approach has brought millions into the formal financial system, supporting small businesses, farmers, and households.
For two consecutive years, 2023 and 2024, Wave has been the only African startup listed in Y Combinator’s top 50 highest-earning companies, highlighting the strength and scalability of its business model. A May 2025 partnership with TerraPay has further enhanced Wave’s remittance capabilities, particularly in Mali, where users can receive funds from global markets directly into their Wave wallets. This collaboration capitalizes on Mali’s 80%+ mobile penetration to reduce reliance on informal remittance channels, promoting secure and affordable cross-border transactions.
Wave also made strides in The Gambia through a June 2025 partnership with the Gambia Transport Service Company (GTSC). This initiative introduced digital fare payments for public transport, allowing unbanked citizens to pay via Wave’s platform, reducing cash dependency and improving efficiency in the transport sector.
Wave Mobile Money is a cornerstone of Africa’s fintech revolution, bridging the gap between the unbanked and the digital economy. With its affordable, scalable model, strategic partnerships, and recent funding, the company is poised for further growth.