Wave, one of Africa’s highest-valued fintech startups, has secured $137 million in debt financing to strengthen its working capital and accelerate its expansion across both existing and new markets. The funding will be used to scale its mobile money operations and extend affordable financial services to underserved populations across the continent, the company announced in a statement.
The funding round was led by Rand Merchant Bank (RMB), with participation from a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund. The investment reflects continued confidence in Wave’s mission to deliver low-cost, accessible financial services in a region where traditional banking infrastructure remains limited.
“This funding is incredibly exciting—it means we can reach even more people with a product that’s designed to be both affordable and easy to use,” said Drew Durbin, CEO and co-founder of Wave. “Our goal has always been to build the most inclusive financial system in Africa, and this support brings us closer to that vision.”
Since its launch in 2018, Wave has rapidly grown into a dominant player in West Africa’s digital finance ecosystem. Operating in eight countries, the company now serves over 20 million monthly active users through a network of more than 150,000 agents and a team of 3,000 employees. In June, Wave expanded into Cameroon through a partnership with Commercial Bank Cameroon (CBC), further extending its regional footprint.
Wave’s mobile-first model is built around simplicity and affordability. Unlike traditional telecom-led mobile money services—which often charge between 5% and 10% per transaction—Wave offers free deposits and withdrawals via its mobile app and charges a flat 1% fee for peer-to-peer transfers. For bill payments, the company shifts transaction fees to the businesses rather than the end users, making it more accessible for low-income individuals.
This customer-centric approach has helped Wave bring millions of previously unbanked individuals into the formal financial system, challenging incumbents like Orange, Free, and Expresso Telecom.
Wave made history in September 2021 when it became Francophone Africa’s first unicorn, reaching a $1.7 billion valuation following a record-breaking $200 million Series A funding round—the largest ever for an African startup. Since then, the company has raised over $300 million in total funding.
Its performance has also earned global recognition. For two consecutive years—2023 and 2024—Wave has been the only African company featured on Y Combinator’s prestigious list of the top 50 highest-earning startups, underscoring the strength and scalability of its business model.
With this latest round of funding, Wave is well-positioned to deepen its impact across Africa, continuing to drive financial inclusion and economic empowerment through innovative, low-cost digital financial services.
