Wave Secures $137 Million in Debt Funding to Deepen Financial Inclusion Across Africa

Backed by RMB and global development finance institutions, Africa’s leading mobile money startup sets sights on expanding access to low-cost financial services.

Senegal-based mobile money powerhouse Wave has secured $137 million in debt financing, a major boost to its ambitious mission of democratizing access to financial services across West Africa. The funding round was led by Rand Merchant Bank (RMB) alongside a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund.

The fresh injection of capital will enable Wave to scale its infrastructure, improve working capital, and continue its push into underserved communities, where financial exclusion remains a major barrier to economic participation.

“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,” said Drew Durbin, CEO and co-founder of Wave.

A Mission to Serve the Underserved

Since its founding in 2018 by Drew Durbin and Lincoln Quirkmet, Wave has grown into Africa’s fastest-growing mobile money platform, now boasting:

• Over 29 million active users per month

• More than 150,000 agents

• 3,000 employees

• Operations in 8 West African countries, including key markets like Senegal, Côte d’Ivoire, and The Gambia

Wave’s mobile-first, low-cost model has become a vital tool for those excluded from the traditional banking system. The company offers zero-fee cash withdrawals and deposits, instant bill payments, airtime purchases, and QR cards for users without smartphones—all geared toward radical financial inclusion.

Strategic Backing & Industry Confidence

The debt financing round led by RMB marks a significant milestone for Wave’s growth trajectory and reflects increasing confidence in its mission-driven approach to fintech.

“This collaboration is a testament to the power of strategic capital in unlocking inclusive growth across the continent,” said Sibusiso Tashe, Co-Head of Leveraged Finance at RMB.

“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,” added Coura Sene, Wave’s Regional Director and Head of Public Affairs.

The participating development finance institutions emphasized that the investment aligns with their goals of promoting sustainable, inclusive development in Africa by empowering private sector innovators.

From Unicorn Status to Regional Fintech Force

In 2021, Wave made headlines as Francophone Africa’s first unicorn, raising $200 million in Series A funding, one of the largest ever for an African startup. The company joined the ranks of global fintech titans and even earned a spot on Y Combinator’s Top 50 list by revenue, the only African company to do so—alongside firms like Monzo, Coinbase, and Stripe.

Wave’s growth has been bolstered by strategic partnerships with regulators, governments, and financial institutions, which have enabled it to operate in a highly regulated and often fragmented mobile money landscape.

Innovation with Purpose

Wave began as a response to the high cost of international remittances, initially launching Sendwave in 2012. After selling Sendwave to WorldRemit for $500 million in 2021, the founders shifted focus to solving domestic financial challenges in Africa—giving birth to Wave.

Unlike many competitors, Wave does not impose fees on bill payments or deposits and withdrawals. For smartphone users, the app charges a flat 1% fee on transfers, while users without smartphones receive a free QR card to transact via physical agents—bridging the gap for digitally excluded populations.

Looking Ahead

With the new $137 million in funding, Wave is poised to:

• Expand its agent network and digital infrastructure

• Enhance product offerings across West Africa

• Scale its reach into more underserved regions

• Create thousands of new jobs while driving economic inclusion

As Africa continues to digitize, Wave’s model of affordability, accessibility, and user-centered design is setting the standard for what inclusive fintech can look like on the continent.

“This is about creating systems that work for everyone, not just the few,” said Durbin. “That’s what drives us every day.”

About Wave

Headquartered in Dakar, Senegal, Wave is a mobile money platform focused on making financial services accessible to every African, regardless of income or digital literacy. Its low-fee and no-fee services have made it a key player in promoting financial inclusion in Africa’s fintech ecosystem.