Wave, one of Africa’s most valuable startups, has raised $137 million debt round to boost its working capital and expand across new and existing markets. The funding will scale its mobile money operations and broaden financial access for underserved communities across the continent.
Rand Merchant Bank (RMD) led the funding round, including participation from a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund.
Founded in 2018 by Drew Durbin and Lincoln Quirk, Wave has grown like wildfire. With over 150,000 agents and more than 29 million monthly active users, it’s become Africa’s fastest-growing mobile money service. From Senegal to Côte d’Ivoire and beyond, Wave is showing what financial inclusion can look like when it’s mobile-first, low-cost, and actually built for the people using it.
“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.
This funding gives Wave more muscle to bring its services to even more underserved communities. According to RMB, this isn’t just a bet on a startup; it’s a bet on African innovation and the belief that fintech can uplift millions. “It’s about unlocking inclusive growth,” said RMB’s Sibusiso Tashe. The bank believes Wave is redefining what financial access means for the continent.
In a recent stride, Wave received authorisation for operation in Cameroon through a partnership with Commercial Bank Cameroon(CBC).
Wave offers free deposits and withdrawals with a fixed transaction fee of just 1% for money transfers between individuals. Additional fees for bill payments from are passed from users on to businesses.
In 2023 and 2024, Wave was the only African company listed on Y Combinator’s top 50 earning startups list. Wave is the first francophone Africa’s unicorn in September 2021, reaching a valuation of $1.7 billion after closing a $200 million Series A funding round which was the largest Series A round ever recorded for an African startup. It has since raised over $300 million in total funding.
Wave’s growth is powered not just by product design but by real boots-on-the-ground strategy: strong agent networks, free QR cards for feature phone users, and tight partnerships with governments and regulators. It’s not just mobile money; it’s a movement. And this latest funding round? Just more fuel in the tank.
