African mobile money provider, Wave has raised $200 million in a Series A round, throwing the company’s worth to $1.7 billion.
Brandnewsday Nigeria noted that the recently raised Series A by Wave ($200M) made this the largest Series A round raised for the region.
Notably, Investors in this round include Sequoia Heritage, a private investment fund and a subsidiary of Sequoia, Founders Fund, payments giant Stripe, Ribbit Capital, Partech Africa, and Sam Altman, the former CEO of Y Combinator and current CEO of OpenAI.
The wave was launched in 2018 by Drew Durbin and Lincoln Quirk, the founders of popular remittance and YC-backed company, SendWave.
SendWave, allowed users to safely and instantly send money from North America and Europe to numerous countries across Africa and Asia.
WorldRemit acquired Sendwave for up to $500 million in cash and stock. After this acquisition, Durbin and his team turned their attention to their mobile money product, Wave.
READ: Bumpa Sealed $200,000 Pre-seed Round Deal To Empower Small Business Owners
Drew Durbin, founder of Wave told Techcrunch, “We saw an opportunity to make a bigger impact by trying to build a better, much more affordable mobile money service than the telcos are building throughout much of sub-Saharan Africa. We didn’t see any companies besides the telcos trying to solve that problem.”
According to Techcrunch, The two-year-old startup claims to be the largest mobile money player in Senegal, and over half of the country’s adults are active users. Wave wants to replicate this growth in Ivory Coast, the second market it officially expanded to last year.
Wave plans to deepen its presence in Senegal and Ivory Coast and grow its already 800-strong team across product, engineering, and business. The startup also plans to expand into other markets it feels are regulatory-friendly like Uganda.
Wave is the first unicorn from Francophone Africa and joins OPay and Flutterwave as the newly minted unicorns in Africa this year.
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