Wave, a mobile money provider in Senegal and Côte d’Ivoire, announced a series A investment of $200 million. The round was led by Sequoia Heritage, Founders Fund, Stripe and Ribbit. Former Y-Combinator CEO Sam Altman and existing investor Partech Africa also participated in the round. Following this investment, Wave is valued at $1.7 billion. It is the largest series A funding for a fintech in Africa.

Founded in 2018, Wave is building mobile money that is easy-to-use and affordable....