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    Fintech Unicorn Wave Secures $137 Million in Debt Funding to Power Pan-African Growth

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    In a move that signals renewed investor confidence in Africa’s fintech sector, Wave, the Senegal-headquartered mobile money startup and one of the continent’s most valuable private tech companies, has secured 117 million euros ($137.2 million) in debt financing to deepen its reach across African markets and extend financial services to more underserved communities.

    The debt round was led by Rand Merchant Bank (RMB), the corporate and investment banking arm of South Africa’s FirstRand Group, and backed by a syndicate of international development finance institutions including British International Investment (BII), Norfund (Norway), and Finnfund (Finland).

    “This funding means we can help even more people by delivering the best possible product at the lowest possible price,” Wave CEO and co-founder Drew Durbin said in a statement. “It brings us closer to our mission of making Africa the first cashless continent.”

    Founded in 2018, Wave disrupted West Africa’s mobile money market by offering a radically cheaper and more user-friendly alternative to telecom-led services. Its mobile-first platform enables free deposits and withdrawals, and charges a flat 1% fee on money transfers — far lower than the 5% to 10% industry norm set by telecom giants like Orange and Free. For bill payments, Wave absorbs transaction fees on behalf of customers, shifting the cost burden to merchants — an unusual but consumer-friendly strategy in the sector.

    Now active in eight countries across West Africa, including Senegal, Côte d’Ivoire, and more recently Cameroon, where it received regulatory approval via a partnership with Commercial Bank Cameroon, Wave has grown into a dominant financial infrastructure player. It claims over 20 million monthly active users and operates a network of 150,000 mobile money agents. The company’s headcount stands at roughly 3,000 employees, many of them locally based in the markets it serves.

    The company’s debt raise comes amid a period of cautious optimism in Africa’s startup ecosystem, where investor activity has dipped in equity markets but remains active in alternative instruments like debt and blended finance. For development finance institutions, Wave’s social impact — particularly its contribution to financial inclusion — remains a compelling draw.

    “Wave’s platform is a clear example of technology enabling inclusive finance at scale,” said a representative from British International Investment. “This is aligned with our mandate to support digital infrastructure that empowers communities.”

    Wave made headlines in September 2021 when it became Francophone Africa’s first unicorn, hitting a valuation of $1.7 billion after a landmark $200 million Series A round led by Sequoia Heritage and payments giant Stripe. At the time, it was the largest Series A ever raised by an African startup. Since then, the company has amassed over $300 million in total capital.

    Despite operating in highly regulated and infrastructure-constrained environments, Wave has achieved standout traction. It remains the only African startup to appear on Y Combinator’s Top 50 list of highest-earning portfolio companies for two years in a row (2023 and 2024), a signal of both scale and sustainability in an ecosystem often criticized for over-relying on short-term growth metrics.

    The new funds will primarily support working capital needs, allowing Wave to scale its agent network, expand into new markets, and deepen integration with formal banking systems and utility providers. According to insiders, the company is eyeing further regulatory licenses in Central and East Africa, although no official roadmap has been shared.

    Still, challenges remain. Across many African markets, fintech startups face increasing scrutiny from central banks, fierce competition from incumbents, and unpredictable policy shifts. Wave’s long-term success will likely depend on how effectively it navigates these complexities while maintaining the low-cost model that made it a household name.

    Yet for now, Wave’s bet on affordability and simplicity appears to be paying off — and with a fresh injection of capital, the fintech pioneer is positioning itself to ride the next wave of Africa’s digital finance revolution.

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