The new funding aims to scale Wave’s mobile money operations, further advancing its mission to expand financial inclusion among underserved communities on the continent.
Backing from Leading Banks and Development Finance Institutions
The debt round was led by Rand Merchant Bank (RMB), a leading African corporate and investment bank. The deal also attracted support from a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund.
This substantial backing reflects sustained investor confidence in Wave’s unique low-cost model for delivering accessible financial services in Africa’s rapidly growing digital payments sector.
CEO Highlights Commitment to Affordable Financial Access
Reacting to the announcement, Wave CEO Drew Durbin expressed optimism about the company’s next phase of growth.
“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,” he said.
Since its founding in 2018, Wave has grown rapidly to become a key player in Africa’s fintech landscape. It currently operates in eight West African markets and serves over 20 million monthly active users through a network of more than 150,000 agents. The company employs about 3,000 people across the continent.
In June 2025, Wave secured authorization to begin operations in Cameroon through a partnership with Commercial Bank Cameroon (CBC), marking another milestone in its strategic expansion.
Disrupting a High-Fee Market with a Low-Cost Model
Wave has gained a competitive edge in markets traditionally dominated by telecom giants like Orange, Free, and Expresso Telecom, which have historically charged transaction fees of 5–10%.
In contrast, Wave’s mobile app offers free deposits and withdrawals, while person-to-person transfers incur a flat 1% fee. For bill payments, any additional transaction costs are passed directly to businesses, further reinforcing Wave’s commitment to keeping services affordable for end users.
This disruptive, low-cost approach has helped the company attract millions of users looking for cheaper and more convenient ways to manage their money.
Francophone Africa’s First Unicorn and Ongoing Recognition
Wave became Francophone Africa’s first unicorn in September 2021, reaching a valuation of $1.7 billion after closing a record-breaking $200 million Series A funding round—the largest ever Series A for an African startup.
To date, Wave has raised more than $300 million in total funding. Its consistent growth and impact have also earned it global recognition: in both 2023 and 2024, Wave was the only African company featured on Y Combinator’s Top 50 highest-earning startups list.
This international acclaim underscores Wave’s success in reshaping Africa’s financial services landscape, its resilience in a competitive market, and its strong commitment to driving financial inclusion for millions across the continent.