Wave, the Senegalese fintech startup, has been recognized as the sole African company among the 50 highest revenue-generating companies in 2022, according to startup accelerator Y Combinator’s disclosed list.
Notable companies on the list include Monzo Bank, Coinbase, Zapier, Webflow, and Stripe.
“The 50 companies featured on the list collectively employ more than 70,000 individuals and have raised a combined total of $40 billion in funding while generating over $50 billion in revenue throughout the year,” noted part of a report by Technext.
It is worth noting that only 22% of these companies have offices outside the United States.
Wave operates as a peer-to-peer money transfer service that utilizes mobile money accounts rather than traditional bank accounts.
Customers have the option to make fee-free deposits and withdrawals at physical agent locations or use a smartphone app that charges a flat 1% fee for money sent, according to the company’s Founder, Durbin Drew.
In addition to its money transfer services, Wave enables customers to settle bills without incurring extra charges and offers instant airtime purchases.
The company stands out by not imposing fees for bill payments. It also provides users without smartphones with a complimentary QR card, facilitating transactions with agents who can open accounts, accept deposits, and process withdrawals.
By achieving the esteemed status of being Africa’s most recent top company, Wave joins the ranks of Flutterwave and OPay as the first startup from Francophone Africa to attain a billion-dollar valuation milestone in 2021.
Since its establishment in 2005, Y Combinator has been empowering entrepreneurs worldwide by providing seed funding, mentorship, and resources to startups.
With a particular focus on Africa, the US-based accelerator has played a significant role in funding and developing successful African companies, many of which have become well-known names.
Y Combinator has invested in more than 80 African startups, including Flutterwave, Paystack, Kobo360, and Cowrywise.
Although specific revenue figures were not disclosed, Y Combinator stated that all companies on the list met a certain revenue threshold.
