Wave Secures $137 Million Debt Raise to Deepen Financial Access Across Francophone Africa

Senegal-based fintech Wave has secured $137 million in debt financing to drive financial inclusion across the region. This is a funding move that reinforces investor confidence in Africa’s mobile money sector, The round was led by Rand Merchant Bank (RMB) alongside a consortium of development finance institutions including British International Investment (BII), Finnfund, and Norfund.

The deal signals a resounding endorsement of Wave’s bold ambition: to make digital financial services radically affordable for the unbanked and underbanked across West Africa.

Founded in 2018 by Drew Durbin and Lincoln Quirk, Wave has grown into Francophone Africa’s largest mobile money platform, serving over 29 million monthly active users. With over 150,000 agents and 3,000 employees, the company now operates across eight West African markets, including Senegal, Côte d’Ivoire, and The Gambia.

“We started Wave to make financial services radically more affordable and accessible,” said CEO Durbin. “This funding means we can deliver better products at lower costs to even more people.”

A Debt Raise That Signals Market Maturity

Debt financing, often a litmus test for a startup’s cash flow discipline and operational strength, sends a different message than splashy equity rounds. It reflects market maturity, confidence in revenue performance, and investor belief in business fundamentals.

The participation of established global development finance players like BII and Norfund further solidifies Wave’s stature as a fintech building real-world infrastructure, not just valuation hype. For RMB, leading the round reflects a strategic intent to back scalable platforms with tangible impact.

“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.

Challenging the Status Quo of Mobile Money

Wave’s rise is a challenge to traditional telco-led mobile money systems that dominate much of Sub-Saharan Africa. Unlike incumbents that often charge users for every transaction, Wave has disrupted the space by eliminating deposit and withdrawal fees and charging just 1% on transfers via its mobile app.

The model is not just a pricing innovation; it’s a systemic shift that lowers the cost of participation in the digital economy. It also allows low-income users to retain more of their income—a core value proposition that’s driving adoption.

In addition, Wave’s free QR card system for feature phone users ensures access is not restricted to smartphone owners—a design choice that aligns squarely with its mission of radical inclusion.

From Remittances to Infrastructure

Durbin and Quirk’s fintech journey began with Sendwave, a low-fee remittance platform they launched in 2012. After selling Sendwave to WorldRemit for $500 million in 2021, they turned their attention to the harder problem: solving the domestic financial access gap across Africa.

Wave was the result—and just months after its launch, the company hit unicorn status with a $200 million Series A, the largest-ever A round in Africa at the time, and the first for a Francophone startup.

By 2022, it was the only African company on Y Combinator’s list of top 50 revenue-generating startups, joining the likes of Stripe, Monzo, and Webflow.

Looking Ahead: Infrastructure, Inclusion, and Regulation

As Wave eyes deeper expansion, its success will depend on more than capital. It will hinge on its ability to navigate regulatory frameworks, solidify local partnerships, and build trust with financial institutions across fragmented African markets.

That said, its operational blueprint is being closely watched. In key markets like Côte d’Ivoire and Senegal, Wave has become a critical financial lifeline for millions. Its bill payment system, airtime purchases, and savings tools are slowly turning first-time users into lifelong digital customers.

This latest $137 million injection could serve as a catalyst—not just for Wave’s next growth phase, but for the broader evolution of mobile finance in Africa. In a continent where 230 million jobs will require digital skills by 2030, according to the African Development Bank, financial inclusion is no longer a social cause—it’s an economic imperative.