Senegal’s Wave Secures $137 Million in Debt Funding to Expand Across West Africa

Senegal-based mobile money platform Wave has raised $137 million in debt financing to accelerate its mission of making financial services more affordable and accessible across West Africa.

Founded in 2018 by Drew Durbin and Lincoln Quirk, Wave has grown rapidly to serve more than 29 million active users each month across eight West African markets. The company operates with over 150,000 agents and employs 3,000 people. The fresh capital will strengthen Wave’s working capital and help expand its services to underserved communities.

“We started Wave to make financial services radically more affordable and accessible. I’m thrilled about this funding, it means we can help even more people by delivering the best possible product at the lowest possible price,” said Drew Durbin, CEO of Wave.

Wave’s mobile-first platform offers low fees, instant airtime purchases, and free peer-to-peer transfers. It also enables bill payments without extra charges and provides a free QR card for users without smartphones to transact easily at agent locations. The company’s model has resonated strongly with users typically excluded from traditional financial systems.

“At RMB, we are proud to lead this landmark financing round for Wave, which is redefining financial inclusion across Africa. This collaboration is a testament to the power of strategic capital in unlocking inclusive growth across the continent,” said Sibusiso Tashe, Co-Head of Leveraged Finance at RMB.

The funding round was led by Rand Merchant Bank (RMB) and supported by key global development finance institutions, including British International Investment (BII), Finnfund, and Norfund.