US and Senegal-based fintech startup, Wave, bags new title as the latest unicorn out of Africa by raising $200 million in a Series A fundraise.
It is the first fintech startup in Africa to become a unicorn in Series A. Remarkable startups like Flutterwave and Opay became unicorns in Series C funding round yet Wave is leading the next wave of unicorns outside West and North Africa.
Wave Mobile Money is one of the fintech companies in Africa operating a hybrid online and offline model. Its QR-cards enables users to deposit and withdraw money through the agent network for smartphone and non-smartphone users, and also through the mobile app.
As in the business world, other fintech startups feel threatened by Wave’s success.Orange,Senegal’s biggest mobile operator with a 50% market share halted the purchase of its airtime on Wave’s mobile app, leading Wave to respond by engaging the Regulatory Authority for Telecommunications and Post (RATP).
Wave was founded in 2014 as a remittance fintech startup Sendwave, which provided remittance services from North America and Europe to select locations in Africa and Asia.
In all, African now has companies that are building valuable products with real market need. This story is a success for founders toiling behind computer screens to build products that change the world.
Image source: Wave.com