Wave, one of Africa's fastest-growing mobile fintech companies, has raised significant funding of $137 million aimed at improving financial service accessibility.
Financing and Goals
Wave raised $137 million in debt financing led by Rand Merchant Bank (RMB) and a consortium of global finance institutions. These funds are directed towards fulfilling the company's main mission of making financial services affordable and accessible to users.
Company Growth and Achievements
Founded by Drew Durbin and Lincoln Quirkmet in 2018, Wave has over 150,000 agents and 3,000 employees serving over 29 million active users monthly across eight West African markets. In 2021, the company achieved unicorn status, having raised $200 million in Series A funding.
Purpose of New Funding?
The new investments will allow Wave to increase its working capital and expand its services to underserved communities. Drew Durbin, CEO of Wave, noted that this funding will enable the company to assist even more people by offering affordable financial solutions.
Wave continues to expand its financial services in Africa, ensuring accessibility for broad populations and improving financial inclusion in the region.
