Wave, a growing mobile money platform in West Africa, has raised EUR 117 million in debt financing to advance its mission of making affordable, user-centric financial services accessible to everyone.
The financing was led by Rand Merchant Bank (RMB) with participation from British International Investment (BII), Finnfund and Norfund.
Wave currently operates in eight markets, with this new investment, Wave will strengthen its working capital and accelerate growth in both existing and new markets, expanding access to mobile money and financial services for underserved communities.
According to Coura Sene, Regional Director and Head of Public Affairs at Wave, “ It reflects growing confidence in our model and our mission: to build radically inclusive financial infrastructure that serves everyone, especially those traditionally left out by the formal banking system.”
Launched in 2018, Wave has grown to serve more than 20 million monthly active users through a network of over 150,000 agents and more than 3,000 employees across the continent. The company’s mobile-first model, built on low fees, intuitive design, and around-the-clock customer support, has transformed the financial experience for users who have historically been excluded from formal financial systems.
“We started Wave to make financial services radically more affordable and accessible, ” said Drew Durbin, CEO of Wave. “ 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. ”
“Our partnership with Wave reflects our commitment to supporting innovative, high-impact businesses that are transforming lives and economies. By structuring and arranging this facility, we are enabling Wave to scale its reach and deepen its impact in key markets like Senegal and Côte d’Ivoire. This collaboration is a testament to the power of strategic capital in unlocking inclusive growth across the continent.” said Sibusiso Tashe, Co-Head of Leveraged Finance at RMB.
“Beyond this, Wave continues to expand into frontier markets, including Burkina Faso, Gambia, Mali and Niger, enhancing financial inclusion through its innovative platform. We are delighted to support this next phase of Wave’s continued growth” said Chris Chijiutomi, Managing Director and Head of Africa, British International Investment.
In markets like Senegal, Gambia, and Côte d’Ivoire, Wave has helped reshape the financial services landscape by enabling low-cost transfers and bill payments, significantly increasing financial access and usage among low-income populations.
Wave’s growth is anchored in close collaboration with local regulators, governments and financial institutions. These partnerships have been central to enabling an inclusive, sustainable and trusted mobile money ecosystem across Africa.
