Wave Mobile Money has announced it has secured $137 million in debt financing. This will help the startup scale its affordable mobile-first financial services across Africa. The latest financing round was led by Rand Merchant Bank (RMB). It also saw the participation of British International Investment (BII), Finnfund and Norfund.
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Wave was founded in 2018 by Drew Durbin and Lincoln Quirk. It has over 150,000 agents and more than 29 million monthly active users across markets like Senegal and Côte d’Ivoire.
“We started Wave to make financial services radically more affordable,” said CEO Drew Durbin.
Wave users pay zero fees for deposits and withdrawals. Transfers cost just 1%, and bill payments are free.
Wave’s model is as much about smart design as it is about community-based access. The company offers free QR cards for users with feature phones and has invested heavily in agent networks, as well as regulatory partnerships, to ensure smoother integration into local economies.
“It’s about unlocking inclusive growth,” said Sibusiso Tashe, a representative from RMB. “This isn’t just a fintech bet it’s a belief in African innovation.”
The latest round of financing is expected to help Wave broaden its financial services footprint in West Africa and perhaps beyond.
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