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# Wave Secures USD 137 Million Debt Financing Led by Rand Merchant Bank to Expand West African Mobile Money Network
- URL: https://www.theglobalbanker.com/wave-secures-137-million-debt-financing-rand-merchant-bank-west-africa/
- Published: 2025-06-30T17:32:00.000Z
- Updated: 2026-10-02T14:35:02.000Z
- Description: Wave raised USD 137 million in debt led by Rand Merchant Bank, with BII, Finnfund and Norfund participating, to scale its mobile money platform, which operates in eight African countries.
- Author: TGB Editorial Team
- Tags: Fintech, Africa, #archive

Wave, the Senegal-based mobile money provider, has raised USD 137 million in debt financing, in a round led by Rand Merchant Bank with participation from British International Investment, Finnfund and Norfund. Wave operates in eight African countries and serves 20 million monthly active users through a network of 150,000 agents.

In June 2025, the company gained operational approval to begin services in Cameroon. Wave is the only African startup to appear on Y Combinator's Top 50 earnings list for both 2023 and 2024.

BII, Finnfund and Norfund are development finance institutions backed respectively by the UK, Finnish and Norwegian governments.