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Wave raises $137 million in debt to expand its mobile money services across Africa, led by Rand Merchant Bank and global development finance institutions.

Jun 30, 2025•about 1 month ago

Amount Raised

$137 Million

OuakamFintechFinance

Investors

NorfundFinnfundBritish International InvestmentRand Merchant Bank

Description

Wave has raised a $137 million debt round to bolster its working capital and drive expansion across existing and new markets. The funding will help scale its mobile money operations and broaden financial access for underserved communities. Rand Merchant Bank led the round alongside a consortium of investors. This funding comes amid continued investor confidence in Wave’s low-cost financial services model.

Company Information

Company

Wave Mobile Money

Location

Ouakam, Dakar, Senegal

About

Wave Mobile Money provides an app-based financial solution to save, transfer, and borrow money. Wave Mobile Money is on a mission to make Africa the first cashless continent.

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