Wave plans to use the financing to increase its customer base and grow operations. Here are the top-line bullets you need to know.
Wave, a mobile money provider, has raised $91M in debt. The financing was provided by International Finance Corporation, BlueOrchard, Finnish Fund for Industrial Cooperation, and Norfund, among others.
How’s the company performing?
- Senegal-based Wave enables users to borrow, save, and transfer their money.
- Users can withdraw or deposit their money for free, and the company charges a 1% transaction fee on money transfers. For non-smartphone users, the company provides a QR card that can be used to access services via an agent.
- The company was founded in 2017 and is based in Dakar, Senegal.
Why does the market matter?
- The global digital payment market is expected to reach a value of $361.3B by 2030, growing at a CAGR of 20.5%, according to Grand View Research.
- Equity deals to private payments companies saw a record-breaking quarter in Q1’22, growing 37% quarter-over-quarter (QoQ) to 261.
- The US led in total payments deals globally with 87 in Q1’22 — a record high for the region, up 61% QoQ.
- The pandemic-induced rise in demand for contactless payment methods, including mobile wallets and contactless cards, has contributed to growth in this market.
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