The financing will boost the company’s liquidity and support its broader goal of bringing financial tools to populations that remain excluded from formal banking systems.

The funding round was led by Rand Merchant Bank (RMB) and included contributions from several development finance institutions such as British International Investment (BII), Finnfund, and Norfund.

Founded in 2018 by Drew Durbin and Lincoln Quirk, Wave has grown rapidly across eight West African countries, gaining traction for its low-cost, user-first approach to digital payments.

Unlike traditional providers that previously dominated the space—like Orange, Free, and Expresso Telecom—Wave differentiated itself by adopting a mobile-first model and significantly reducing transaction charges.

“This funding allows us to push even further in delivering affordable financial products to more people,” said CEO Drew Durbin.

“It’s an opportunity to keep innovating while staying true to our mission of price accessibility.”

Today, Wave operates a network of over 150,000 agents, serves more than 20 million users monthly, and employs a team of 3,000. In a recent development, the company received regulatory clearance to launch operations in Cameroon, partnering with Commercial Bank Cameroon (CBC) for local integration.

Wave’s financial model includes free deposits and withdrawals, while charging a flat 1% fee on peer-to-peer transfers. Users who pay bills incur charges that are passed on to service providers, not individuals.

In 2023 and 2024, Wave was the only African startup listed in Y Combinator’s top 50 highest revenue earners.

Its unicorn status—achieved in September 2021 following a $200 million Series A raise—remains a landmark moment in the African tech scene.

That round marked the largest Series A in African startup history, and Wave’s total funding now exceeds $300 million.