Ten months after raising 200 million dollars (196 million euros) making it the first unicorn in French-speaking Africa, Wave announces new financing, in debt, of 90 million euros. The amount is raised thanks to some loan, a press release shows the company has six million active users in Senegal: 25 million euros were given to the IFC, a subsidiary of the World Bank dedicated to the private sector; a total of €41m from Swiss impact funds Symbiotics and BlueOrchard and partner Swiss responsAbility Investments, as well as UK lending platform Lendable; the Finnish development fund Finnfund and the Norwegian counterpart Norfund with a total of 24 million euros
Wave Mobile Money: the secrets of a surge in West Africa
With this new fundraiser, Wave, which story a total of 10 million active users in its five markets, offers again the support of IFC, which has already injected five million dollars during the series A in September, held in Partech Africa. According to the document published on July 6 by Wave, this 90 million euros should be made possible “to meet the strong growth in demand for digital payments and mobile money services in West Africa”. They will be directly injected into the Wave in Senegal and the shore ivory.