African mobile money platform Wave Mobile Money says it has raised EUR 117 million (about US$138.2 million) in debt financing to advance what it describes as its mission of making affordable, user-centric financial services accessible to everyone.
The financing was led by South Africa’s Rand Merchant Bank (RMB) and a consortium of global development finance institutions, including British International Investment (BII), the UK’s development finance institution and impact investor, Finnish development financier Finnfund, and the Norwegian investment fund for developing countries Norfund.
Wave currently operates in eight markets, primarily across West Africa. With this new investment, it says, it will strengthen its working capital and accelerate growth in both existing and new markets, expanding access to mobile money and financial services for underserved communities.
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.
The company says its mobile-first model, built on low fees, intuitive design, and around-the-clock customer support, has transformed the financial experience for users who have historically been excluded from formal financial systems.
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. It says its growth is anchored in close collaboration with local regulators, governments and financial institutions and that these partnerships have been central to enabling an inclusive, sustainable and trusted mobile money ecosystem across Africa.
