West African mobile money platform Wave raises €117m
Since its launch in 2018, Wave has grown to serve more than 20 million monthly active users.
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Wave Mobile Money, an African mobile money platform, has raised €117 million in debt financing. The financing was led by Rand Merchant Bank (RMB) and a consortium of development finance institutions, including British International Investment, Finnfund and Norfund.
Wave currently operates in eight markets, primarily across West Africa. With this new investment, Wave will seek to strengthen its working capital and accelerate growth in both existing and new markets.
Since its launch 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.
“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.”
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.
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