Wave
Overview
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.
Recent Developments
- July 2025: Wave raised €117 million in debt financing to expand its services across existing and new markets in West Africa. This funding round was led by Rand Merchant Bank, with participation from major development finance institutions such as Norfund and Finnfund.
- June 2025: Wave received authorization to operate in Cameroon, as part of its strategic expansion plan, enhancing financial access across Africa.
- April 2025: Despite growth, Wave reported financial challenges in Uganda, attributed to fierce competition from established players.
- March 2025: Recognized for its impact, Wave featured in African Business's "Women in Business" series, highlighting the leadership of Coura Tine Sène.
- March 2025: Wave partnered with LoftyInc, receiving strategic investments as part of a wider initiative to support the growth of tech startups across Africa.
- February 2025: Wave's mobile application received significant updates, improving user security and functionality, ensuring greater customer satisfaction.
- Late 2024: Wave surpassed the 20 million mark in terms of active users, a testament to its rapid growth and adoption in the competitive mobile money sector.
- Debit Products Launch: Launched initiatives to integrate debit solutions in user offerings, streamlining transactional processes.
Company Information
| Attribute | Information |
|---|---|
| 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 |
Early History
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.
Company Profile and Achievements
Wave has fundamentally altered the landscape of mobile banking in West Africa, prioritizing low-cost transactions and user accessibility. Core features include:
- Low Transaction Fees: Offering some of the lowest fees in the industry, particularly a flat 1% fee on withdrawals, it became a popular choice among users.
- Wide Agent Network: With over 150,000 agents across the continent, Wave provides unparalleled accessibility.
- Inclusive Financial Services: Providing services beyond traditional banking, including bill payments and mobile airtime purchases.
- Social Impact: Prioritized inclusivity in its hiring, with women comprising around 52% of its workforce.
- Tech-Driven Approach: Implemented a ground-breaking mobile platform enhanced by AI-driven data analytics and user behavior insights.
Current Operations and Market Position
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.
Wave App
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 Mobile Money
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.
Conclusion
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.