Wave Raises €117 Million to Accelerate Financial Inclusion Across Africa

Wave, the Africa-focused mobile money platform, has raised €117 million in its latest funding round to scale its mission of democratizing access to financial services across the continent. The financing was led by existing investors with participation from several global backers committed to supporting inclusive fintech growth in emerging markets.

The funding, which includes both equity and debt, will be deployed to expand Wave’s reach across its core markets — particularly in West and Central Africa — and accelerate the rollout of its low-cost, user-friendly mobile money services. The company will also invest in agent network expansion, product development, and regulatory partnerships to deepen its impact.

Founded in 2018, Wave has emerged as one of the fastest-growing fintech startups in Africa, offering mobile money services that allow users to deposit, withdraw, send money, and pay bills at ultra-low fees — often as low as 1%, with free deposits and zero maintenance charges.

The company operates in Senegal, Côte d’Ivoire, Uganda, and Mali, where it has quickly gained popularity due to its simplicity, transparency, and agent-driven model. In Senegal, it became the largest mobile money provider within just two years of launch.

Transforming Financial Access in Underserved Markets

Wave’s mission is to make basic financial services accessible and affordable for every African, particularly in regions where access to traditional banking is limited or nonexistent. The platform leverages a mobile-first, agent-led infrastructure and has received regulatory licenses from multiple central banks across the continent.

In a statement, Wave's co-founder and CEO, Drew Durbin, emphasized the importance of affordable digital finance in unlocking economic potential:

“We believe everyone should be able to participate in the economy digitally. This funding allows us to further reduce costs for users and bring Wave to more people who are underserved by traditional financial systems.”

A Signal of Global Confidence in African Fintech

The €117 million capital injection signals strong global investor confidence in Africa’s fintech landscape, particularly as the continent’s mobile-first population increasingly relies on digital platforms for payments, remittances, and everyday transactions.

With this raise, Wave joins a growing list of African fintech startups attracting major capital to drive financial inclusion, cashless ecosystems, and infrastructure development — all critical components of the continent’s digital transformation.