Wave: Norfund Continues to Back Mobile Payments in Africa with EUR 117 Million Debt Raise

Norfund, a private equity firm, has participated in a EUR 117 million debt financing round to support the expansion of Wave Mobile Money, a mobile money platform in Africa. This investment is in collaboration with British International Investment, Finnfund, and Rand Merchant Bank. The funding is intended to help Wave expand its mobile financial services further into West Africa and other new markets, providing a secure, affordable cash alternative to individuals and small businesses. Wave's technology plays a critical role in granting financial access to low-income individuals entering the formal financial system. This strategic move marks Norfund's second investment in Wave, following its 2022 funding, highlighting the company’s dynamic growth. The infusion will enhance Wave's working capital, permitting expansion into eight new markets, including vulnerable regions in Burkina Faso, Mali, and Niger. This investment aligns with Norfund's FinTech Investment Strategy established in 2022, broadening their focus on fintech companies driving financial inclusion across diverse sectors.