Wave
A mobile money service built on one clear promise: pay almost nothing to move money.
In many West African cities, paying with mobile money used to feel like a penalty. A vendor could lose a big share of daily sales to transfer fees.
Wave entered the market with a simple idea. Deposits and withdrawals should be free. Sending money should cost a flat 1 percent.
This small change flipped behavior. Customers moved from cash to digital. Merchants accepted mobile payments without fear of losing margin.
Wave wins on flow, not friction.
Key Numbers
Wave reports users as monthly active, not just registered accounts.
Company Information
Wave is a mobile money company that competes by cutting fees. It offers an app for customers and a large agent network for cash access. The model targets everyday payments for people and small businesses.
Wave principle
Leadership
| Role | Name | Background |
|---|---|---|
| CEO | Drew Durbin | Co founder, previously built remittance products |
| Country teams | Local managers | Run agent growth, compliance, and partnerships |
| Agents | 150k+ partners | Cash in, cash out, and merchant onboarding |
How It Works
Wave keeps the product simple. Cash enters and leaves through agents. The app handles transfers, bill pay, airtime, and merchant payments.
What Makes Wave Different
Growth and Results
After launching in Senegal in 2018, Wave expanded fast by copying one formula: low fees, strong agents, and dense merchant coverage. By mid 2025, it serves more than 20 million monthly active users.
Impact Highlights
- Lower user cost: The 1 percent fee is far below the 5 to 10 percent common in older mobile money pricing.
- Merchant benefit: Shops keep margin when customers pay digitally.
- Agent income: A wide network creates strong local earnings for agents.
Where They Work
Wave is concentrated in West Africa, with a careful expansion pace. The company reports eight active markets in 2025.
| Country | Status | Notes |
|---|---|---|
| Senegal | Home base | Launch market since 2018 |
| Côte d’Ivoire | Largest scale | Fastest user growth |
| Mali | Active | Strong urban adoption |
| Burkina Faso | Active | Dense agent rollout |
| Gambia | Active | Lean expansion market |
| Uganda | Active | First East Africa market |
| Two other markets | Active | Wave counts eight markets total in 2025; list adjusts as licenses evolve |
Note: Wave publishes the total number of markets, but the exact list shifts with new licenses and partnerships.
Funding History
Wave grew with venture capital, then added debt to scale working capital for mobile money.
Main Supporters
Competitive Landscape
Wave competes with telecom led mobile money and bank wallets. Its edge is price plus a strong agent footprint.
| Organization | Model | Scope | Difference |
|---|---|---|---|
| Wave | App + agents | 8 markets | Free cash access, 1 percent send |
| Orange Money | Telco wallet | Multi country | Higher and tiered fees |
| MTN MoMo | Telco wallet | Pan Africa | Strong distribution, higher cost |
| Bank apps | Account based | National | Better for savings, less for cash flow |
Key Lessons for Founders
What is worth learning from Wave?
- Price can be strategy. Cutting fees unlocked mass adoption.
- Simple rules scale faster. A flat fee removes confusion.
- Distribution still matters. Agent density is a moat.
- Trust is built daily. Fast support and clean UX reduce churn.
- Debt fits working capital models. Once flows are proven, debt scales cheaper than equity.
• Users, agents, markets, debt round: June 30, 2025 financing releases and coverage.
• Pricing and product features: Wave official website and blog.
• Unicorn status and valuation: Series A announcements in September 2021.
• Active country presence: Wave app profiles and official channels.
Data checked November 2025.