Wave valuation, funding and investors

wave.com ↗LinkedIn ↗

Wave works in digital financial services, based in United States. Founded in 2017, it has about 5,710 employees.

Payment Processing & Point of Sale Debt

VALUATION · TODAY

$7.04B +0% after Series A

Range $2.11B – $8.09B · Grade C

TODAY

+12 MO

$2.00B

$4.00B

$6.00B

$8.00B

$10.00B

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Seed $2.50M

Series A $200M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY5,724 employees

+11%6m growth

+33%1y growth

+68%2y growth

2,500

5,000

7,500

Data from Jan 2021

TODAY

Predicted in 1 yr $7.04B +0% vs today

Predicted next raise $985M if a round comes

Winding-down probability 0%

Last round: Series A · $200M · Aug 2021
Valuation at last round: $1.70B
Headcount: 5,724 · growing
Grade: C
Founded: 2017

How VCMC values companies →

Wave valuation today

VCMC values Wave at $7.0B today, with a range of $2.1B to $8.1B and a grade of C. The valuation starts from its last funding round, a Series A round in Aug 2021.

Valuation by date (133 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Wave: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2016	$6.98M	$2.54M – $19.2M	$8.37M (+20%)	before first round	–	unknown	D	0%
1 Feb 2016	$7.01M	$2.55M – $19.3M	$8.60M (+23%)	before first round	–	unknown	D	0%
1 Mar 2016	$7.04M	$2.56M – $19.3M	$8.82M (+25%)	before first round	–	unknown	D	0%
1 Apr 2016	$7.07M	$2.57M – $19.4M	$9.06M (+28%)	before first round	–	unknown	D	0%
1 May 2016	$7.09M	$2.58M – $19.5M	$9.29M (+31%)	before first round	–	unknown	D	0%
1 Jun 2016	$7.12M	$2.59M – $19.6M	$9.55M (+34%)	before first round	–	unknown	D	0%
1 Jul 2016	$7.15M	$2.60M – $19.6M	$9.80M (+37%)	before first round	–	unknown	D	0%
1 Aug 2016	$7.34M	$2.67M – $20.2M	$10.1M (+37%)	before first round	–	unknown	D	0%
6 Aug 2016	$10.0M	$6.57M – $30.4M	$20.0M (+100%)	after a round	–	unknown	C	0%
1 Sep 2016	$10.5M	$6.57M – $30.4M	$20.0M (+90%)	after a round	–	unknown	C	0%
1 Oct 2016	$11.1M	$6.57M – $30.4M	$20.0M (+79%)	after a round	–	unknown	C	0%
1 Nov 2016	$11.8M	$6.57M – $30.4M	$20.0M (+69%)	after a round	–	unknown	C	0%
1 Dec 2016	$12.5M	$6.57M – $30.4M	$20.0M (+60%)	after a round	–	unknown	C	0%
1 Jan 2017	$13.3M	$6.57M – $30.4M	$20.0M (+51%)	after a round	–	unknown	C	0%
1 Feb 2017	$14.1M	$6.57M – $30.4M	$20.0M (+42%)	after a round	–	unknown	C	0%
1 Mar 2017	$14.8M	$6.57M – $30.4M	$20.0M (+35%)	after a round	–	unknown	C	0%
1 Apr 2017	$15.7M	$6.57M – $30.4M	$20.0M (+27%)	after a round	–	unknown	C	0%
1 May 2017	$16.7M	$6.57M – $30.4M	$20.0M (+20%)	after a round	–	unknown	C	0%
1 Jun 2017	$17.7M	$6.57M – $30.4M	$20.0M (+13%)	after a round	–	unknown	C	0%
1 Jul 2017	$18.7M	$6.57M – $30.4M	$20.0M (+7%)	after a round	–	unknown	C	0%
1 Aug 2017	$19.8M	$6.57M – $30.4M	$20.0M (+1%)	after a round	–	unknown	C	0%
1 Sep 2017	$20.0M	$6.29M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Oct 2017	$20.0M	$5.99M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Nov 2017	$20.0M	$5.69M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Dec 2017	$20.0M	$5.41M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Jan 2018	$20.0M	$5.15M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Feb 2018	$20.0M	$4.89M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Mar 2018	$20.0M	$4.67M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Apr 2018	$20.0M	$4.44M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 May 2018	$20.0M	$4.23M – $30.4M	$20.0M (0%)	after a round	–	unknown	C	0%
1 Jun 2018	$20.0M	$4.02M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jul 2018	$20.0M	$3.82M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Aug 2018	$20.0M	$3.63M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Sep 2018	$20.0M	$3.45M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Oct 2018	$20.0M	$3.29M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Nov 2018	$20.0M	$3.12M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Dec 2018	$20.0M	$2.97M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jan 2019	$20.0M	$2.83M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Feb 2019	$20.0M	$2.69M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Mar 2019	$20.0M	$2.56M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Apr 2019	$20.0M	$2.44M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 May 2019	$20.0M	$2.32M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jun 2019	$20.0M	$2.20M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jul 2019	$20.0M	$2.10M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Aug 2019	$20.0M	$1.99M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Sep 2019	$20.0M	$1.90M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Oct 2019	$20.0M	$1.80M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Nov 2019	$20.0M	$1.71M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Dec 2019	$20.0M	$1.63M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jan 2020	$20.0M	$1.55M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Feb 2020	$20.0M	$1.47M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Mar 2020	$20.0M	$1.41M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Apr 2020	$20.0M	$1.34M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 May 2020	$20.0M	$1.27M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jun 2020	$20.0M	$1.21M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jul 2020	$20.0M	$1.15M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Aug 2020	$20.0M	$1.09M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Sep 2020	$20.0M	$1.04M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Oct 2020	$20.0M	$0.99M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Nov 2020	$20.0M	$0.94M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Dec 2020	$20.0M	$0.89M – $30.4M	$20.0M (0%)	after a round	–	unknown	D	0%
1 Jan 2021	$20.0M	$0.85M – $30.4M	$20.0M (0%)	after a round	130	unknown	D	0%
1 Feb 2021	$20.0M	$0.81M – $30.4M	$20.0M (0%)	after a round	130	unknown	D	0%
1 Mar 2021	$20.0M	$0.77M – $30.4M	$20.0M (0%)	after a round	130	unknown	D	0%
1 Apr 2021	$17.0M	$0.73M – $25.8M	$15.3M (-10%)	after a round	130	flat	D	0%
1 May 2021	$16.8M	$0.70M – $25.6M	$15.2M (-10%)	after a round	130	flat	D	0%
1 Jun 2021	$16.7M	$0.66M – $25.4M	$15.1M (-10%)	after a round	130	flat	D	0%
1 Jul 2021	$16.5M	$0.66M – $25.2M	$15.0M (-10%)	after a round	130	flat	D	0%
1 Aug 2021	$1.7B	$1.5B – $3.5B	$3.1B (+80%)	after a round	130	flat	B	0%
2 Aug 2021	$1.7B	$1.5B – $3.5B	$3.1B (+80%)	after a round	130	flat	B	0%
1 Sep 2021	$1.8B	$1.5B – $3.5B	$3.1B (+71%)	after a round	130	flat	B	0%
1 Oct 2021	$1.9B	$1.5B – $3.5B	$3.1B (+63%)	after a round	130	flat	B	0%
1 Nov 2021	$2.0B	$1.5B – $3.5B	$3.1B (+55%)	after a round	130	flat	B	0%
1 Dec 2021	$2.1B	$1.5B – $3.5B	$3.1B (+48%)	after a round	130	flat	B	0%
1 Jan 2022	$2.2B	$1.5B – $3.5B	$3.1B (+41%)	after a round	130	flat	B	0%
1 Feb 2022	$3.0B	$1.5B – $6.1B	$5.3B (+76%)	after a round	1,600	growing	C	0%
1 Mar 2022	$3.3B	$1.5B – $6.1B	$5.3B (+61%)	after a round	1,600	growing	C	0%
1 Apr 2022	$3.6B	$1.5B – $6.1B	$5.3B (+46%)	after a round	1,600	growing	C	0%
1 May 2022	$4.0B	$1.5B – $6.1B	$5.3B (+33%)	after a round	1,600	growing	C	0%
1 Jun 2022	$4.4B	$1.5B – $6.1B	$5.3B (+21%)	after a round	1,600	growing	C	0%
1 Jul 2022	$4.8B	$1.5B – $6.1B	$5.3B (+10%)	after a round	1,600	growing	C	0%
1 Aug 2022	$5.3B	$1.5B – $6.1B	$5.3B (0%)	after a round	1,600	growing	C	0%
1 Sep 2022	$5.3B	$1.6B – $6.1B	$5.3B (0%)	after a round	1,600	growing	C	0%
1 Oct 2022	$5.3B	$1.7B – $6.1B	$5.3B (0%)	after a round	1,600	growing	C	0%
1 Nov 2022	$5.3B	$1.5B – $6.1B	$5.3B (0%)	after a round	1,600	unknown	C	0%
1 Dec 2022	$5.3B	$1.5B – $6.1B	$5.3B (0%)	after a round	1,600	unknown	C	0%
1 Jan 2023	$5.3B	$1.4B – $6.1B	$5.3B (0%)	after a round	1,600	unknown	C	0%
1 Feb 2023	$5.3B	$1.4B – $6.1B	$5.3B (0%)	after a round	1,600	unknown	C	0%
1 Mar 2023	$5.3B	$1.4B – $6.1B	$5.3B (0%)	after a round	1,600	unknown	C	0%
1 Apr 2023	$6.0B	$2.6B – $6.9B	$6.0B (0%)	after a round	2,700	growing	B	0%
1 May 2023	$6.0B	$2.8B – $6.9B	$6.0B (0%)	after a round	2,700	growing	B	0%
1 Jun 2023	$6.0B	$3.0B – $6.9B	$6.0B (0%)	after a round	2,700	growing	B	0%
1 Jul 2023	$6.0B	$3.2B – $6.9B	$6.0B (0%)	after a round	2,700	growing	B	0%
1 Aug 2023	$6.0B	$3.4B – $6.9B	$6.0B (0%)	after a round	2,700	growing	B	0%
1 Sep 2023	$6.0B	$1.5B – $6.9B	$6.0B (0%)	after a round	2,700	unknown	C	0%
1 Oct 2023	$6.1B	$1.5B – $7.0B	$6.0B (-1%)	after a round	2,900	flat	C	0%
1 Nov 2023	$6.1B	$1.4B – $7.0B	$5.9B (-2%)	after a round	2,900	flat	C	0%
1 Dec 2023	$6.1B	$1.3B – $7.0B	$5.9B (-3%)	after a round	2,900	flat	C	0%
1 Jan 2024	$6.1B	$1.3B – $7.0B	$5.9B (-3%)	after a round	2,900	flat	C	0%
1 Feb 2024	$6.1B	$1.2B – $7.0B	$5.8B (-4%)	after a round	2,900	flat	C	0%
1 Mar 2024	$6.2B	$1.7B – $7.1B	$6.0B (-3%)	after a round	3,200	up	C	0%
1 Apr 2024	$6.2B	$1.6B – $7.1B	$6.0B (-3%)	after a round	3,200	up	C	0%
1 May 2024	$6.2B	$1.6B – $7.1B	$6.0B (-3%)	after a round	3,200	up	C	0%
1 Jun 2024	$6.2B	$1.5B – $7.1B	$6.0B (-4%)	after a round	3,200	up	C	0%
1 Jul 2024	$6.3B	$1.5B – $7.2B	$6.2B (-2%)	after a round	3,400	up	C	0%
1 Aug 2024	$6.3B	$1.2B – $7.2B	$6.1B (-2%)	after a round	3,400	up	C	0%
1 Sep 2024	$6.3B	$1.2B – $7.2B	$6.1B (-2%)	after a round	3,400	up	C	0%
1 Oct 2024	$6.3B	$1.1B – $7.2B	$6.1B (-2%)	after a round	3,400	up	C	0%
1 Nov 2024	$6.3B	$1.1B – $7.3B	$6.1B (-3%)	after a round	3,600	up	C	0%
1 Dec 2024	$6.3B	$1.0B – $7.2B	$6.1B (-3%)	after a round	3,600	up	C	0%
1 Jan 2025	$6.3B	$999M – $7.2B	$6.1B (-3%)	after a round	3,600	up	C	0%
1 Feb 2025	$6.3B	$957M – $7.2B	$6.1B (-3%)	after a round	3,600	up	D	0%
1 Mar 2025	$6.3B	$921M – $7.2B	$6.1B (-3%)	after a round	3,600	up	D	0%
1 Apr 2025	$6.2B	$883M – $7.2B	$6.1B (-3%)	after a round	3,600	up	D	0%
1 May 2025	$6.1B	$847M – $7.0B	$5.7B (-6%)	after a round	3,600	up	D	0%
1 Jun 2025	$6.0B	$812M – $6.9B	$5.7B (-6%)	after a round	3,600	up	D	0%
1 Jul 2025	$6.5B	$806M – $7.5B	$6.5B (-1%)	after a round	4,201	up	D	0%
1 Aug 2025	$6.6B	$793M – $7.6B	$6.6B (0%)	after a round	4,296	up	D	0%
1 Sep 2025	$6.6B	$760M – $7.6B	$6.6B (0%)	after a round	4,296	up	D	0%
1 Oct 2025	$6.4B	$730M – $7.4B	$6.3B (-2%)	after a round	4,296	up	D	0%
1 Nov 2025	$6.7B	$2.3B – $7.7B	$6.7B (0%)	after a round	4,627	growing	C	0%
1 Dec 2025	$6.7B	$2.3B – $7.7B	$6.7B (0%)	after a round	4,627	growing	C	0%
1 Jan 2026	$6.7B	$2.2B – $7.7B	$6.7B (0%)	after a round	4,627	growing	C	0%
1 Feb 2026	$6.5B	$628M – $7.5B	$6.4B (-2%)	after a round	4,627	up	D	0%
1 Mar 2026	$6.5B	$604M – $7.5B	$6.4B (-2%)	after a round	4,627	up	D	0%
1 Apr 2026	$6.9B	$2.1B – $7.9B	$6.9B (0%)	after a round	5,148	growing	C	0%
1 May 2026	$6.9B	$2.1B – $8.0B	$6.9B (0%)	after a round	5,295	growing	C	0%
1 Jun 2026	$6.6B	$549M – $7.6B	$6.5B (-2%)	after a round	5,295	up	D	0%
1 Jul 2026	$6.8B	$550M – $7.8B	$6.7B (-1%)	after a round	5,388	up	D	0%
1 Aug 2026	$6.8B	$550M – $7.8B	$6.7B (-1%)	after a round	5,388	up	D	0%
1 Sep 2026	$6.7B	$550M – $7.8B	$6.7B (-1%)	after a round	5,388	up	D	0%
1 Oct 2026	$7.0B	$2.1B – $8.1B	$7.0B (0%)	after a round	5,724	growing	C	0%
24 Oct 2026	$7.0B	$2.1B – $8.1B	$7.0B (0%)	after a round	5,724	growing	C	0%

Key facts about Wave

Founded: 2017
Headquarters: United States
Employees: about 5,710 +24% in a year
Total raised: $431M
Funding rounds: 4
Last round: Debt Jun 2025

Wave was founded in 2017 by Drew Durbin, James Lochrie, Kirk Simpson and Lincoln Quirk.

Wave funding history

Wave has 4 funding rounds on record, from Aug 2016 to Jun 2025, $431M in total. The latest disclosed valuation is $1.70B post-money (Series A, Aug 2021).

Debt 30 Jun 2025no round page
Led by Rand Merchant Bank; with British International Investment, Finnfund, Norfund.
Sources: thecondia.com, dabafinance.com, techcabal.com and 2 more
$137M
Debt 12 Jul 2022no round page
With International Finance Corporation, BlueOrchard, Symbiotics, responsAbility, Lendable.
Sources: peopleofcolorintech.com
$92M
Series A 1 Aug 2021
Led by Sequoia Heritage, Founders Fund, Stripes, Ribbit.
Sources: ntu.edu.sg, pymnts.com
$200M
$1.70B post-money
Seed 5 Aug 2016
With KPCB Edge, Presence Capital, Rothenberg Ventures, RRE, Venture Reality Fund, Seedcamp, Luma Launch, Boost VC, Immersion VC, GREE, Outpost.
Sources: prnewswire.com, roadtovr.com, seedcamp.com and 2 more
$2.5M

Wave investors

24 investors have backed Wave; Founders Fund, Rand Merchant Bank and Ribbit and 2 more led at least one round.

Founders Fund lead
Rand Merchant Bank lead
Ribbit lead
Sequoia Heritage lead
Stripes lead
GREE
Immersion VC
International Finance Corporation
KPCB Edge
Lendable
Luma Launch
Outpost

What Wave does

Wave works in payment processing & point of sale, with 12 recorded offerings and customers in financial technology and financial services.

Wave Mobile Money Inc. is a United States financial technology company engaged in providing financial services, including money transfer, bill payment, and airtime purchase, as well as a business payment platform. The company serves both individual and business customers across multiple African countries, offering a network of agents and partners to support its operations.

Description from Veridion's company data.

Products and services

Digital Financial Services
Personal Money Transfer Services
Business Payment Acceptance Services
Bill Payment Services
Airtime Purchase Services
Agent Network Financial Services
API-Based Payment Integration Services
Online Payment Collection Services
In-Person Payment Acceptance Services
Business Payment Management Services
Multi-Country Financial Network Services
Inclusive Financial Solutions Services

Markets

Financial Technology
Financial Services

Business model

Business-to-Business
Business-to-Consumer
Service Provider
Software-as-a-Service

Industry codes (NAICS)

522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities 100% match

Questions about Wave

What is Wave worth?

Valuation $7.0B (range $2.1B to $8.1B), as of 24 Oct 2026. The last disclosed valuation was $1.70B (Series A, Aug 2021).

Has Wave raised money?

Wave has 4 funding rounds on record, from Aug 2016 to Jun 2025, $431M in total. The latest disclosed valuation is $1.70B post-money (Series A, Aug 2021).

Who has invested in Wave?

Founders Fund, Rand Merchant Bank, Ribbit, Sequoia Heritage, Stripes and BlueOrchard, and 18 more. Lead investors include Founders Fund, Rand Merchant Bank, Ribbit and Sequoia Heritage.

How many people work at Wave?

About 5,710, up 24% over the last year. Headcount grew from 130 in Jan 2021 to 5,724 in Sep 2026.

What does Wave do?

Wave works in payment processing & point of sale, with 12 recorded offerings and customers in financial technology and financial services. Its main offerings are digital financial services, personal money transfer services and business payment acceptance services.

When was Wave founded, and where is it based?

Wave was founded in 2017 and is based in United States. It has about 5,710 employees, up 24% over the last year.

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