Gambiaj.com – (DAKAR, Senegal) – Senegalese fintech giant Wave has secured $137 million in debt financing to fuel its rapid expansion across Africa. The deal marks a significant milestone for the mobile financial services provider as it seeks to deepen its presence in existing markets and venture into new territories.
The fundraising round was led by Rand Merchant Bank (RMB) in collaboration with a consortium of international development finance institutions, including British International Investment (BII), Finnfund, and Norfund, according to TechCabal. The transaction highlights investors’ continued confidence in Wave’s low-cost, high-impact financial model.
“I’m thrilled by this financing. 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.
Founded in 2018, Wave has emerged as a trailblazer in Africa’s fintech space, with operations in eight West African countries.
The startup now boasts more than 20 million monthly active users, supported by a network of over 150,000 agents and a workforce of 3,000 employees spread across the continent.
In June, Wave extended its footprint beyond its traditional French-speaking West African markets by securing regulatory approval to operate in Cameroon through a partnership with Commercial Bank Cameroon (CBC).
Wave’s growth has been propelled by its groundbreaking pricing model, which undercuts traditional telecom-led mobile money services.
While major telecom operators such as Orange, Free, and Expresso typically charge between 5% and 10% per transaction, Wave offers free deposits and withdrawals and levies a flat 1% fee on peer-to-peer money transfers. Additional charges apply only for bill payments to companies.
In 2021, Wave made headlines by becoming the first unicorn in French-speaking Africa, attaining a $1.7 billion valuation after raising $200 million in a record-breaking Series A funding round—the largest ever for an African startup. The fintech firm has since raised over $300 million in total funding.
Wave’s success has garnered international acclaim. In both 2023 and 2024, it was the only African company featured in Y Combinator’s Top 50 list of most profitable startups, underscoring the strength of its business model.
This latest round of funding comes as Wave consolidates its leadership in Africa’s booming mobile financial services sector. It also reflects the growing interest from global investors in African fintech solutions that drive financial inclusion, particularly among underserved populations.
With fresh capital secured, Wave is well-positioned to accelerate its expansion and extend affordable financial services to millions more across Africa.
Its ability to combine social impact with profitability offers a compelling model for the continent’s fintech ecosystem, proving that inclusive finance can also be commercially sustainable.
