Wave Mobile Money is a transformative financial technology company that offers mobile-based financial services aimed predominantly at the unbanked population in Africa. Founded by Drew Durbin and Lincoln Quirk in 2017, the company operates primarily in West Africa, including countries such as Senegal, Gambia, and Côte d'Ivoire. Wave has successfully raised over €117 million in funding, with significant backing from Rand Merchant Bank, British International Investment, and other development finance institutions. Headquartered in Dakar, Senegal, Wave strives to make Africa the first cashless continent.
Attribute | Information |
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Founding Date | 2017 |
Headquarters | Dakar, Senegal |
Founders | Drew Durbin, Lincoln Quirk |
Revenue | Confidential |
Profits | Confidential |
Key Investors | Rand Merchant Bank, British International Investment |
Industry | Financial Technology |
Number of Employees | Over 3,000 |
Wave Mobile Money began in 2017 in response to the limited financial infrastructure across Africa, particularly for the unbanked. Founded by Drew Durbin and Lincoln Quirk, who had earlier co-founded Sendwave, a remittance company, Wave was built on the premise of offering affordable and accessible mobile financial services. Initially launched in Senegal, the company grew rapidly, leveraging a vast network of agents to facilitate financial transactions, crucial for areas with limited banking facilities.
Wave has fundamentally altered the landscape of mobile banking in West Africa, prioritizing low-cost transactions and user accessibility. Core features include:
Wave Mobile Money currently operates as a pivotal player in Africa’s digital finance ecosystem. The company maintains a strong market presence in countries like Senegal and Côte d'Ivoire, capturing significant market share. By focusing on low transaction costs and robust agent networks, Wave has become a leader in mobile money services, contributing to regional economic upliftment by providing millions access to secure financial services.
The Wave app is integral to its service, enabling users to send money, make payments, and manage transactions effortlessly. Designed for simplicity and security, the app supports multiple languages and is compliant with financial regulations. Featuring 256-bit SSL encryption, Wave ensures secure transactions, accommodating both tech-savvy users and those new to digital finance.
Wave’s core product, Mobile Money, is pivotal for expanding financial inclusivity. The service allows for cross-border payments, domestic transfers, and is crucial for promoting digital transactions in a heavily cash-reliant market. With the mobile-first approach, Wave is tackling financial barriers and driving economic engagement.
Wave Mobile Money stands as a beacon of financial innovation in Africa, offering critical infrastructure for digital finance. As it continues its expansion fueled by recent financing, Wave looks to enhance its agent network, diversify service offerings, and reach more unbanked populations. With advancements in technology and strategic partnerships, Wave’s trajectory indicates a continuing influence on Africa's financial landscape, aiming towards a cashless future with equitable financial access.