African Fintech Wave Raises USD 200 Mn Series A Funding Round

African mobile money provider Wave recently wrapped up a USD 200 Mn Series A funding round led by Sequoia Heritage, Founders Fund, Stripe, and Ribbit. Others in the round include existing investors Partech Africa and Sam Altman, the former CEO of Y Combinator and current CEO of OpenAI.

Wave is building a financial infrastructure that has no fees and is available on tap and everywhere. Its mobile money service dovetails with an agent network with cashback to service Wave’s user needs. Users can make deposits or withdrawals for free and pay only 1% for money transfers.

Wave is hoping to expand into Uganda and Mali as part of the most recent fundraising round and deepen its existing presence in other African markets and enhance its digital offerings and operations.