Wave, one of Africa’s most valuable startups, has secured $137 million in debt financing to strengthen its working capital and accelerate growth in both existing and new markets. The funding aims to scale its mobile money operations and expand financial access to underserved communities across the continent.
Rand Merchant Bank (RMB) led the funding round alongside a global organisation of development financial institutions such as British International Investment (BII), Finnfund, and Norfund. This investment heightens sustainable confidence in Wave’s low-cost, high-impact 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.
Since launching in 2018, the startup has seen rapid growth. It now operates in eight West African markets, serving over 20 million monthly users through a network of 150,000+ agents and 3,000 employees. In June, Wave gained approval to operate in Cameroon via partnership with Commercial Bank Cameroon (CBC).
Wave’s strategy is to focus on affordability and accessibility. It has disrupted a telecom-dominated market, where competitors charged up to 10% per transaction by offering Free deposits and withdrawals, 1% flat fee on money transfers and No added charges for bill payments (costs passed to businesses instead of users)
This mobile-first model has enabled millions of previously unbanked individuals to enter the formal financial system.
Wave made the headlines in September 2021 as Africa’s first Francophone unicorn, with a $1.7 billion valuation following a record-breaking $200 million. Today it has raised over $300 million.
Notably, Wave is the only African startup listed on Y Combinator’s Top 50 earning startups in both 2023 and 2024, reinforcing its growing influence in the fintech space.
