Wave raises EUR 117 million for African mobile money expansion
African mobile money operator Wave has secured EUR 117 million in debt financing. The funds will be used to expand affordable and user-centric financial services across the continent.
Wave, an African mobile money operator, has raised EUR 117 million in debt financing to advance its mission of making affordable, user-centric financial services accessible across the continent. The funding round was led by Rand Merchant Bank (RMB) alongside a consortium of development finance institutions, including Finnfund, British International Investment (BII), and Norfund.
The capital will be used to strengthen Wave's working capital and accelerate its growth in both existing and new markets. Wave aims to expand access to mobile money and other financial services for underserved communities. The company currently operates in eight countries, primarily in West Africa.
Founded in 2018, Wave serves over 20 million monthly active users through a network of more than 150,000 agents and over 3,000 employees. The company's mobile-first model, built on low fees and ease of use, has improved the financial services experience for those traditionally excluded from formal financial systems.
"This financing is a major milestone for Wave and mobile money in Africa," said Coura Sene, Regional Director 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."