Wave Raises $137M Debt for Mobile Money Expansion Across Africa
TLDR
- Wave, one of Africa’s highest-valued startups, has secured a $137 million debt round to expand its mobile money operations
- The round was led by Rand Merchant Bank (RMB), with participation from development finance institutions
- The funding will support Wave’s mission to expand low-cost financial access for underserved communities across the continent
Wave, one of Africa’s highest-valued startups, has secured a $137 million debt round to expand its mobile money operations and boost working capital across existing and new markets. The round was led by Rand Merchant Bank (RMB), with participation from development finance institutions including British International Investment (BII), Finnfund, and Norfund.
The funding will support Wave’s mission to expand low-cost financial access for underserved communities across the continent. The fintech, which currently operates in eight West African countries, now serves over 20 million monthly users through a network of 150,000 agents and a team of 3,000 employees.
Since its launch in 2018, Wave has grown rapidly by offering simple, affordable mobile money services in a market long dominated by telecom operators like Orange, Free, and Expresso Telecom, who historically charged up to 10% per transaction. Wave disrupted the space by offering free deposits and withdrawals and a flat 1% fee on peer-to-peer transfers.
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Key Takeaways
In June 2025, Wave gained operational approval in Cameroon through a partnership with Commercial Bank Cameroon (CBC), extending its regional footprint. The company became Francophone Africa’s first unicorn in 2021 following a record-setting $200 million Series A, pushing its valuation to $1.7 billion. With over $300 million in total capital raised, Wave continues to demonstrate the viability of its model, especially as it remains the only African startup on Y Combinator’s Top 50 earnings list for both 2023 and 2024. The latest debt raise highlights growing investor confidence in fintechs tackling financial exclusion through low-cost, scalable digital infrastructure. With the added capital, Wave is positioned to further scale across underserved regions and reinforce its status as a formidable challenger in Africa’s mobile money ecosystem.
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