Wave, one of Africa’s most promising fintech startups, just secured $137 million in debt funding to grow its reach. The company says the money will boost its mobile money services and help more people across Africa access affordable financial tools.
The round was led by Rand Merchant Bank (RMB), along with major development finance institutions such as British International Investment (BII), Finnfund, and Norfund. Their support signals strong faith in Wave’s low-cost, high-impact model.
“I’m thrilled about this funding,” said CEO Drew Durbin. “It means we can help even more people by delivering the best possible product at the lowest possible price.”
Since launching in 2018, Wave has scaled fast. It now serves over 20 million monthly users in eight West African countries. More than 150,000 agents and 3,000 employees support its operations on the ground. In June, it gained approval to launch in Cameroon through a partnership with Commercial Bank Cameroon.
Wave’s edge is simple but powerful: low fees and mobile-first access. It broke into a telecom-dominated market by slashing transaction costs. While traditional players charged up to 10% per transfer, Wave keeps fees at just 1%. Deposits and withdrawals are free. For bill payments, the extra fees are absorbed by businesses—not users.
This user-first approach helped Wave become Francophone Africa’s first unicorn in 2021, valued at $1.7 billion after a $200 million Series A—still the biggest of its kind in Africa. It has now raised over $300 million in total.
Wave’s model continues to win recognition. In both 2023 and 2024, it was the only African startup named among Y Combinator’s top 50 highest-earning companies.