Wave Secures USD 137 Million Debt Financing Led by Rand Merchant Bank to Expand West African Mobile Money Network

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.