Wave is a VC backed startup with a mission to make sending money to Africa as easy and affordable as sending a text. Co-founded by Brown and Harvard engineering graduates, Drew Durbin and Lincoln Quirk, Wave was launched in 2014 after Drew became fed up of having to make a physical trip to a store and pay an additional 10%, to send money to the NGO he was running in Tanzania. He teamed up with Lincoln and and built an app which allows users to send money instantly from a smartphone to the recipient’s mobile money account in Kenya. Over the last 5 years, their app has allowed Africans in the US, the UK, and Canada to send money instantly to mobile money wallets in Kenya, Uganda, & Tanzania, saving users over 70% relative to Western Union and MoneyGram. Wave has launched in 5 countries and the team have plans to expand across Africa.
In 2016, Wave expanded and began building a mobile money product for domestic markets in Africa. In places where electricity, water and roads don't always work, Wave are creating financial infrastructure that "just works." Their mobile platform in Senegal enables peer-to-peer payments, purchase of goods and services and addresses small business payment needs. Launched in Fall 2017, Wave are now processing over 200k payments every month. Their goal is to make Africa the first cashless continent, starting with Senegal.
Backed by world-class investors including Khosla Ventures, Founders Fund, Y Combinator, and the cofounders of PayPal. Wave has grown quickly and now boasts a HQ team of ~30 people who are deeply passionate about their mission of bringing great financial services to the people who need them most. They now have a Country Office in Senegal with a team of about 70 people and have recently opened another Country Office in Cote d’Ivoire.