Delphos advises African Mobile Money Unicorn on Euro 90 million Syndicated Loan

Washington DC, USA –
Media OutReach – 22 July 2022 – Delphos acted as exclusive advisor to Wave Mobile Money Holdings Inc. (“Wave”) on its highly successful €90 million Syndicated Loan, which will further accelerate Wave’s dynamic growth in Côte d’Ivoire and Senegal.

The loan saw substantial interest from development finance institutions and impact funds and comprises commitments of €25 million from IFC, €12 million from
Finnfund and €12 million from Norfund in the form of bilateral loans. An additional €41 million was raised from impact funds Symbiotics, Blue Orchard, responsAbility, and Lendable, who participated under the IFC’s B Loan program.

This debt financing sets a new high-water mark for a growth stage African FinTech in terms of total commitments raised.

“This investment by IFC, Finnfund, Norfund and other lenders helps us offer a diversity of financial products, encouraging users to stay within the formal financial sector, deepening financial inclusion in the region” said Coura Sene, Wave’s General Manager for the WAEMU Region.

Wave appointed Delphos as advisor based on its combination of Africa debt expertise and deep grasp of technology investments.

“At Delphos we advocate that impact capital can be leveraged through technology investments. The scalability of tech platforms and the broader trend towards digitization should lead to outsized benefits in frontier markets, provided the impact capital is made available to innovative companies. We were honored to serve as Wave’s advisor on this landmark transaction in West Africa.” said Andrew Brown, President of Delphos Advisory.

Delphos is committed to supporting financial inclusion in Africa via technology investments.

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