Wave plans to use the funding to expand into new African markets. Here are the top-line bullets you need to know.
Wave, an app-based mobile money provider, has raised $200M in a Series A. The round drew participation from Founders Fund, Sequoia Capital, Partech Partners, Ribbit Capital, and Stripe, among others.
How’s the company performing?
- Senegal-based Wave provides mobile money transaction services to customers that do not have bank accounts. It has built a financial network of agents that use in-hand cash to serve Wave users. Additionally, it provides a QR-card to users who do not own a smartphone in order to help them interact with agents.
- Its full-stack infrastructure consists of an agent network, agent and consumer applications, QR cards, business collections, and disbursements.
- Wave currently has around 5M active users on its platform.
- The company has roughly 800 employees across its product, engineering, and business teams.
Why does the market matter?
- The global digital payment market is projected to grow at a CAGR of 19.4% to reach a value of $236.1B by 2028, according to Grand View Research.
- The rise in e-commerce sales has led to an increase in digital transactions, boosting market growth. Moreover, increased investments by banks to enhance digital payment infrastructures and compete with major players like Google, Amazon, and Facebook have further contributed to this expansion.
- eWallets are witnessing increased “peer-to-peer” and “customer-to-business” payments due to the pandemic, and this trend is expected to continue.