# Wave funding: rounds and investors

> Wave has raised $137M across 1 round since 2025. Investors include Rand Merchant Bank, British International Investment and Finnfund.

Source: https://millionrounds.com/company/wave (Millionrounds; every figure on the page links to its filing or article)

Senegal · [Funded startup](https://millionrounds.com/companies)

# Who invested in *Wave*

One round we have observed, with the 4 investors named in it. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Professional Services Consumer Services Entertainment Financial Services

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Funding summary Updated 5 Nov 2026

**$137M** raised across 1 round since 2025, from 1 source

- **Latest round:** Debt, $137M Jun 2025
- **Led by:** Rand Merchant Bank
- **Investors:** 4 (1 led)

See who backed them

## The rounds

- **Jun 2025** Debt **$137M** [Rand Merchant Bank](https://millionrounds.com/fund/rand-merchant-bank-rmb) Lead [British International Investment](https://millionrounds.com/fund/british-international-investment-bii) [Finnfund](https://millionrounds.com/fund/finnfund) [Norfund](https://millionrounds.com/fund/norfund) Reported by TechCabal

## Everyone who backed them

[Rand Merchant Bank](https://millionrounds.com/fund/rand-merchant-bank-rmb) Investment firm **1** round, led 1

[British International Investment](https://millionrounds.com/fund/british-international-investment-bii) Government **1** round

[Finnfund](https://millionrounds.com/fund/finnfund) Government **1** round

[Norfund](https://millionrounds.com/fund/norfund) VC firm **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=wave).

## Quick answers about Wave

### Who invested in Wave?

Wave's investors include Rand Merchant Bank, British International Investment, Finnfund and Norfund. Rand Merchant Bank led its latest round.

### How much has Wave raised?

Wave has raised $137M across 1 round since 2025.

### When did Wave last raise?

Wave's most recent round was a Debt of $137M in Jun 2025, led by Rand Merchant Bank.

### What was Wave's biggest round?

Its most recent round, $137M in Jun 2025, is also its largest on record.

### Who backed Wave first?

Wave's first round on record, in Jun 2025, was backed by Rand Merchant Bank, British International Investment and Finnfund and 1 others.

### What stage is Wave at?

Wave's latest named round is a Debt, in Jun 2025.

### Where is Wave based?

Wave is based in Senegal.

### Who led Wave's rounds?

Rand Merchant Bank led the Debt in 2025.

## Companies like Wave

In the same sector, and raised in the last eighteen months.

[**OPENREC** $15M · Nov 2026](https://millionrounds.com/company/openrec)[**Pliant** $123M · Nov 2026](https://millionrounds.com/company/pliant)[**Crediflow AI** $2.0M · Nov 2026](https://millionrounds.com/company/crediflow-ai)[**Mamoon** $3.0M · Nov 2026](https://millionrounds.com/company/mamoon)[**mamun** $3.0M · Nov 2026](https://millionrounds.com/company/mamun)[**Titan OS** $104M · Nov 2026](https://millionrounds.com/company/titan-os)

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