Wave is a Senegal-based fintech that offers mobile-money accounts (not bank accounts) and runs an agent network for cash deposits, withdrawals and transfers. Its app-based service undercuts incumbents with lower fees and QR-based tech and it charges a 1% fee on sends. The company says it serves more than 10 million monthly users across its operating markets. Wave recently cut close to 15% of its roughly 2,000 staff (about 300 people), largely in newer markets, and is scaling back in Burkina Faso, Mali and Uganda to focus on Senegal and Ivory Coast. Financially, Wave has raised more than $290 million in equity and debt to date and was valued at $1.7 billion after a $200 million raise last September. It also secured a €90 million syndicated loan from IFC, Lendable, Norfund and other lenders to support growth in its core markets. Wave is a U.S. and Senegal-based mobile money provider spun out of remittance startup Sendwave. It offers an app-based mobile-money platform with an agent network, free deposits and withdrawals, a 1% fee on transfers, QR cards for non-smartphone users, and claims instant refunds for transfer problems. Wave runs a full-stack infrastructure (agent network, agent and consumer apps, business collections and disbursements) and says it has several million monthly active users and handles billions of dollars in annual volume. The company claims to be the largest mobile money player in Senegal, with over half of the country’s adults active users (pegging users at 4–5 million), and has expanded to Ivory Coast. Following the fundraise it plans to deepen its presence in Senegal and Ivory Coast, expand into other regulatory-friendly markets such as Uganda, and grow its roughly 800-strong team across product, engineering and business. Wave was developed by founders who previously built Sendwave (founded 2014) and the Wave product was piloted in Senegal in 2018.

Total raised

$290M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Jul 2022