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African unicorn startup Wave has raised a $137 million debt round to bolster its working capital and drive expansion across existing and new markets.
Rand Merchant Bank (RMB) led the round alongside a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund.
The mobile money startup will use the debt financing to deepen its reach across African markets and offer financial services to more underserved communities.
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Wave is Delivering The Best Value At The Lowest Price
“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.”
The Senegalese-based startup operates in eight markets across West Africa and has experienced rapid growth since its launch in 2018. Today, it serves more than 20 million monthly active users through a network of more than 150,000 agents and a team of 3,000 employees across the continent. Earlier in June 2025, Wave received authorisation to operate in Cameroon through a partnership with Commercial Bank Cameroon (CBC).
Its mobile-first approach, centered on low fees, has helped bring millions of previously unbanked individuals into the formal financial system. Wave entered a market heavily dominated by telecom companies like Orange, Free, and Expresso Telecom, which charged between 5% and 10% per transaction.
Wave’s key differentiator was its affordable business model, which offers free deposits and withdrawals via its mobile application. It applies a fixed transaction fee of just 1% for money transfers between individuals. Unlike competitors, it passes additional fees for bill payments from customers on to businesses.
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How The New Fund Will Be Deployed
The debt round was led by Rand Merchant Bank (RMB), which is the corporate and investment banking arm of South Africa’s FirstRand Group. In addition, it was backed by a syndicate of international development finance institutions, including British International Investment (BII), Norfund (Norway), and Finnfund (Finland).
“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.”
The new funds will be used to 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 fintech company is eyeing further regulatory licenses in Central and East Africa, although no official roadmap has been shared.
In September 2021, Wave made history as Francophone Africa’s first unicorn, with a $1.7 billion valuation following a record-breaking $200 million Series A funding round—the largest ever for an African startup. Since then, the company has secured over $300 million in funding.
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Wave‘s success has been further validated by its consecutive appearances on Y Combinator’s top 50 earning startups list in both 2023 and 2024, showcasing the effectiveness of its business model.
Image Credit: Wave
