# Wave Mobile Money (West Africa)

> Source: https://docs.barcoder.ai/docs/wallets/wave-money-africa
> research date 2026-05-30 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Wave — official](https://www.wave.com/)

## Overview

**Wave Mobile Money (West Africa)** is West African fintech unicorn + **$1.7B valuation 2021 $200M Series A led by Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman** + **20M+ monthly active users** + **150,000+ agents** + **3,000+ employees** + **8 African markets** + **Jun 2025 $137M debt round for mobile money expansion** <sup>[1][1], [2][2], [Senegal report](https://docs.barcoder.ai/docs/payments/SN)</sup>. **2025 baseline**: Wave 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets; **Jun 2025 $137M debt round for mobile money expansion across Africa** distinctive West African fintech unicorn debt-funded expansion; **Wave's distinctive agent-based mobile money model + zero-fee P2P transfers** distinctive West African mobile money disruption.

**Distinctive Wave positioning**:
- **West African fintech unicorn** (Wave Mobile Money Inc; privately-held; $1.7B valuation 2021 Series A)
- **$1.7B valuation 2021 $200M Series A led by Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman** distinctive West African fintech unicorn investor base
- **20M+ monthly active users** distinctive West African mobile money active user scale
- **150,000+ agents** distinctive West African mobile money agent network scale
- **3,000+ employees** distinctive West African mobile money workforce scale
- **8 African markets (Senegal + Côte d'Ivoire + Uganda + Mali + Burkina Faso + The Gambia + Niger + Benin)** distinctive West African mobile money geographic expansion
- **Jun 2025 $137M debt round for mobile money expansion across Africa** distinctive West African fintech unicorn debt-funded expansion
- **2017 Wave founding by Drew Durbin + Lincoln Quirk in San Francisco** distinctive West African fintech American founder heritage
- **2018 Wave Senegal launch + agent-based mobile money model + zero-fee P2P transfers** distinctive West African mobile money disruption

## History

**2017 — Wave founded by Drew Durbin + Lincoln Quirk in San Francisco** as West African fintech.

**2018 — Wave Senegal launch + agent-based mobile money model + zero-fee P2P transfers** distinctive West African mobile money disruption.

**Sep 2021 — Wave Series A $200M valuation $1.7B led by Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman** distinctive West African fintech unicorn fundraise.

**2021-2024 — Wave expansion to Côte d'Ivoire + Uganda + Mali + Burkina Faso + The Gambia + Niger + Benin** distinctive West African mobile money geographic expansion.

**Jun 30 2025 — Wave $137M debt round for mobile money expansion across Africa** <sup>[3][3]</sup>.

**2025 — Wave 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets** <sup>[1][1], [2][2]</sup>.

## Ownership & operator

**Operating entity**: **Wave Mobile Money Inc** (privately-held; $1.7B valuation 2021 Series A; Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman investors).

**Major shareholders**: **Drew Durbin (co-founder + CEO) + Lincoln Quirk (co-founder) + Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman + venture capital investors**.

**Regulators**: **BCEAO (Banque Centrale des Etats de l'Afrique de l'Ouest) + BEAC (Banque des États de l'Afrique Centrale) + national regulators**.

## Technical integration

Wave mobile app (iOS + Android; 20M+ monthly active users) + Wave 150,000+ agents network + Wave 3,000+ employees; PI DPay WAEMU + GIMAC Pay + Pesalink (partial); **Wave's distinctive agent-based mobile money model + zero-fee P2P transfers** distinctive West African mobile money disruption + **Jun 2025 $137M debt round for mobile money expansion across Africa** distinctive West African fintech unicorn debt-funded expansion.

## Users & growth

**2025**: Wave 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets (Senegal + Côte d'Ivoire + Uganda + Mali + Burkina Faso + The Gambia + Niger + Benin).

## Use cases

West African + Ugandan retail + private + financial inclusion + mobile money + agent-based + zero-fee P2P transfers via Wave mobile + Wave 150,000+ agents network; PI DPay WAEMU + GIMAC Pay + Pesalink (partial); **Wave's distinctive agent-based mobile money model + zero-fee P2P transfers** distinctive West African mobile money disruption.

## Implementations & partners

**Operator**: Wave Mobile Money Inc (privately-held; $1.7B valuation 2021 Series A; Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman investors); Drew Durbin (co-founder + CEO) + Lincoln Quirk (co-founder) + Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman + venture capital investors.

**Major pan-African mobile money competitors**: [Orange Money](https://docs.barcoder.ai/docs/wallets/orange-money) (Orange Money pan-African mobile money; >100M customers Nov 2025; 17 countries; 44-45M active users 2025; West Africa's digital payment champion) + [M-Pesa](https://docs.barcoder.ai/docs/wallets/m-pesa) (Safaricom Kenya M-Pesa mobile money pioneer; 50M+ users across 7 countries) + [MTN MoMo](https://docs.barcoder.ai/docs/standards/mtn-momo) (MTN Mobile Money pan-African mobile money; 70M+ users across 17 African countries) + [Airtel Money](https://docs.barcoder.ai/docs/standards/airtel-money) (Airtel Africa pan-African mobile money; 39M+ users across 14 African countries) + Moov Money (Moov Money pan-African mobile money; 14 African countries) + [EcoCash](https://docs.barcoder.ai/docs/wallets/ecocash) (Zimbabwean mobile money pioneer; Econet Wireless) + [Wing Bank Cambodia](https://docs.barcoder.ai/docs/wallets/wing-cambodia) (Cambodian Wing Bank mobile money + commercial banking; 13M+ users) + [bKash](https://docs.barcoder.ai/docs/wallets/bkash) (Bangladeshi bKash mobile money; BRAC Bank parent + Ant Group + IFC + others investors; ~70M+ users) + [Mukuru](https://docs.barcoder.ai/docs/wallets/mukuru) (South African + Africa-wide cross-border remittance + mobile money fintech).

**Regulators**: BCEAO + BEAC + national regulators.

## Fun facts

- **West African fintech unicorn** (Wave Mobile Money Inc; privately-held; $1.7B valuation 2021 Series A).
- **$1.7B valuation 2021 $200M Series A led by Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman** distinctive West African fintech unicorn investor base.
- **20M+ monthly active users** distinctive West African mobile money active user scale.
- **150,000+ agents** distinctive West African mobile money agent network scale.
- **3,000+ employees** distinctive West African mobile money workforce scale.
- **8 African markets (Senegal + Côte d'Ivoire + Uganda + Mali + Burkina Faso + The Gambia + Niger + Benin)** distinctive West African mobile money geographic expansion.
- **Jun 2025 $137M debt round for mobile money expansion across Africa** distinctive West African fintech unicorn debt-funded expansion.
- **2017 Wave founding by Drew Durbin + Lincoln Quirk in San Francisco** distinctive West African fintech American founder heritage.
- **2018 Wave Senegal launch + agent-based mobile money model + zero-fee P2P transfers** distinctive West African mobile money disruption.

## Comparison

| Feature | Wave (West Africa) | [Orange Money](https://docs.barcoder.ai/docs/wallets/orange-money) (Orange Money rival; >100M customers Nov 2025; 17 countries; 44-45M active users 2025; West Africa's digital payment champion) | [MTN MoMo](https://docs.barcoder.ai/docs/standards/mtn-momo) (MTN Mobile Money pan-African mobile money rival; 70M+ users across 17 African countries) | [M-Pesa](https://docs.barcoder.ai/docs/wallets/m-pesa) (Safaricom Kenya M-Pesa mobile money pioneer rival; 50M+ users across 7 countries) | [Airtel Money](https://docs.barcoder.ai/docs/standards/airtel-money) (Airtel Africa pan-African mobile money rival; 39M+ users across 14 African countries) |
|---|---|---|---|---|---|
| Operator | **Wave Mobile Money Inc (privately-held; $1.7B valuation 2021 Series A; Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman investors)** | Orange Money Group (Orange S.A. subsidiary; ENXTPA: ORA; French multinational telecom) | MTN Group (JSE: MTN; South African multinational telecom) | Safaricom Plc (NSE: SCOM; Vodafone PLC ~35% + Kenyan government Treasury ~35%) | Airtel Africa (LSE: AAF; NSE Lagos: AIRTELAFRI; Bharti Airtel African subsidiary) |
| Type | **West African fintech unicorn + $1.7B valuation 2021 $200M Series A led by Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman + 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets + Jun 2025 $137M debt round + agent-based mobile money model + zero-fee P2P transfers** | Pan-African mobile money + >100M customers Nov 2025 + 17 countries + 44-45M active users 2025 + H1 2025 42.8M active users +20% YoY + Q3 2025 revenue +17.4% + West Africa's digital payment champion + Orange Money + Visa strategic partnership Dec 19 2025 | MTN Mobile Money pan-African mobile money + 70M+ users across 17 African countries | Safaricom Kenya M-Pesa mobile money pioneer + 50M+ users across 7 countries (Kenya + Tanzania + Mozambique + Lesotho + Ethiopia + DRC + Egypt) | Airtel Africa pan-African mobile money + 39M+ users across 14 African countries |
| Country | SN + CI + UG + ML + BF + GM + NE + BJ (8 countries) | SN + ML + CI + CM + MG + NE + BF + GW + JO + EG + MA + CD + CG + BW + LR + SL + BJ + TN (18 countries) | UG + GH + CI + CM + RW + ZA + ZM + BJ + LR + SS + SD + GW + NG + others (17 African countries) | KE + TZ + MZ + LS + ET + CD + EG (7 countries) | KE + UG + TZ + ZM + MW + MG + GA + CD + NE + TD + NG + SC + SL + RW (14 African countries) |
| Distinctive | **2017 Wave founding by Drew Durbin + Lincoln Quirk in San Francisco; 2018 Wave Senegal launch + agent-based mobile money model + zero-fee P2P transfers; Sep 2021 Wave Series A $200M valuation $1.7B led by Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman; Jun 30 2025 Wave $137M debt round for mobile money expansion across Africa; 2025 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets** | Dec 12 2008 Orange Money launches in Côte d'Ivoire; Dec 19 2025 Orange Money Group + Visa strategic partnership | 2009 MTN Mobile Money launches in Uganda + Cote d'Ivoire | 2007 M-Pesa launches in Kenya by Safaricom + Vodafone (Kenyan mobile money pioneer) | 2010 Airtel Money launches |

## Status

**Active, West African fintech unicorn + $1.7B valuation 2021 Series A + 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets + Jun 2025 $137M debt round for mobile money expansion** <sup>[1][1], [2][2], [3][3]</sup>:
- **Wave Mobile Money Inc (privately-held; $1.7B valuation 2021 Series A; Sequoia Heritage + Founders Fund + Stripe + Ribbit Capital + Partech Africa + Sam Altman investors)** since 2017 Wave founding by Drew Durbin + Lincoln Quirk in San Francisco + 2018 Wave Senegal launch + agent-based mobile money model + zero-fee P2P transfers + Sep 2021 Wave Series A $200M valuation $1.7B + 2021-2024 Wave expansion to Côte d'Ivoire + Uganda + Mali + Burkina Faso + The Gambia + Niger + Benin + Jun 30 2025 Wave $137M debt round for mobile money expansion across Africa.
- **Wave 20M+ monthly active users + 150,000+ agents + 3,000+ employees + 8 African markets**.
- **Wave's distinctive agent-based mobile money model + zero-fee P2P transfers**.
- **BCEAO + BEAC + national regulators**.

## Sources

[1]: https://tropicsmag.com/venture-spotlight-wave-the-senegalese-fintech-unicorn-revolutionizing-mobile-money-in-africa/ "Venture Spotlight: Wave, the Senegalese Fintech Unicorn Revolutionizing Mobile Money in Africa — Tropics Magazine"
[2]: https://www.cbinsights.com/research/wave-series-a-funding/ "Sub-Saharan African Mobile Money Provider Wave Raised $200M At A $1.7B Valuation — CB Insights Research"
[3]: https://launchbaseafrica.com/2025/06/30/fintech-unicorn-wave-secures-137-million-in-debt-funding-to-power-pan-african-growth/ "Fintech Unicorn Wave Secures $137 Million in Debt Funding to Power Pan-African Growth — Launch Base Africa"
[sn-cro]: https://docs.barcoder.ai/docs/payments/SN

- [1] [Venture Spotlight: Wave, the Senegalese Fintech Unicorn Revolutionizing Mobile Money in Africa — Tropics Magazine][1]
- [2] [Sub-Saharan African Mobile Money Provider Wave Raised $200M At A $1.7B Valuation — CB Insights Research][2]
- [3] [Fintech Unicorn Wave Secures $137 Million in Debt Funding to Power Pan-African Growth — Launch Base Africa][3]
- <sup>[Senegal report](https://docs.barcoder.ai/docs/payments/SN)</sup> In-corpus: `reports/countries/SN-senegal.md`

## Source

Biography extracted from [wave-money-africa.md](https://docs.barcoder.ai/source/wallets/wave-money-africa). See `matrix.md` for standards-support matrix if present.