African fintech Wave Mobile Money Group secured $200 million making it one of the largest Series A fintech funding rounds. The round was led by Sequoia Heritage, Founders Fund, Stripe and Ribbit Capital, valuing the startup at ~$1.7 billion. Partech Africa and Sam Altman, the former CEO of Y Combinator, also participated int the round.
Founded in 2018 by Drew Durbin and Lincoln Quirk, Senegal based Wave Mobile Money is building Africa’s first modern financial network to affordable ways to save, transfer or borrow the money needed, and is already the largest mobile money player in Senegal.
