Funding round
Wave Series A
Wave, which works in digital financial services in United States, raised $200M in a Series A round announced on 1 Aug 2021, led by Sequoia Heritage, Founders Fund, Stripes and Ribbit, at a $1.70B post-money valuation. 4 firms took part. It is Wave's second venture round on record; the one before was a Seed in Aug 2016.
$200M
Amount raised
$1.70B
Post-money valuation
4
Investors
4 leads
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Wave at $1.70B after the new money. The $200M bought investors about 12% of the company. It came 60 months after Wave's Seed. It is 99% of the $203M Wave has raised in the venture rounds on record. No later venture round is on record for Wave.
Wave's funding rounds
Wave has 2 venture rounds on record and 2 other deals. This one is highlighted.
- Seed 5 Aug 2016 $2.5M
- Series A this round 1 Aug 2021, led by Sequoia Heritage, Founders Fund and Stripes $200M$1.70B post-money
- Debt not a venture round 12 Jul 2022 $92M
- Debt not a venture round 30 Jun 2025, led by Rand Merchant Bank $137M
Investors
Who put money in
Sequoia Heritage, Founders Fund, Stripes and Ribbit led the round.
Lead investors
- Sequoia Heritage new investor
- Founders Fund backs 368 venture-backed companies new investor
- Stripes backs 101 venture-backed companies new investor
- Ribbit backs 126 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, scaling operations and working capital.
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
116 Series A rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $15M, and this round was 13 times the median. The closest in time, other companies' Series A rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 25 Aug 2021 | $25M | not disclosed | Ribbit |
| Payment Processing & Point of Sale | 22 Aug 2021 | $17M | not disclosed | CDIB Capital |
| Payment Processing & Point of Sale | 25 Aug 2021 | $15M | not disclosed | Raptor Group |
| Payment Processing & Point of Sale | 22 Sep 2021 | $100M | not disclosed | Coatue and DST Global |
| Payment Processing & Point of Sale | 28 Sep 2021 | $54M | not disclosed | Oak HC/FT |
| Payment Processing & Point of Sale | 13 Sep 2021 | $45M | not disclosed | Partech |
| Payment Processing & Point of Sale | 22 Sep 2021 | $34M | not disclosed | Insight Partners |
| Payment Processing & Point of Sale | 23 Sep 2021 | $30M | $100M | SoftBank Ventures Asia and SoftBank |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Wave raise in its Series A round?
Wave raised $200M in its Series A round, announced in Aug 2021.
Who led Wave's Series A round?
Sequoia Heritage, Founders Fund, Stripes and Ribbit led it.
What was Wave's valuation at the Series A round?
$1.70B post-money.
How does it compare with other Series A rounds in Payment Processing & Point of Sale?
116 Series A rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $15M, and this round was 13 times the median.