Delphos advises African Mobile Money Unicorn on €90m syndicated loan

(DELPHOS) – Delphos is exclusive advisor to Wave on IFC-led installation in Ivory Coast and Senegal

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. Ivory and Senegal.

The loan has attracted substantial interest from development finance institutions and impact funds and includes 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, which participated in the IFC’s B-loan program.

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

This investment from IFC, Finnfund, Norfund and other lenders helps us offer a diversity of financial products, encouraging users to stay in the formal financial sector, deepening financial inclusion in the regionsaid Coura Sene, general manager of Wave for the UEMOA region.

Wave appointed Delphos as adviser based on its combination of debt expertise in Africa and deep knowledge of technology investments.

At Delphos, we advocate that impact capital can be leveraged through technology investments. The scalability of technology platforms and the broader trend towards digitalization are expected to lead to outsized advantages in frontier markets, provided impact capital is made available to innovative companies. We were honored to advise Wave on this historic transaction in West Africa.” said Andrew Brown, president of Delphos Advisory.

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

About Wave

Wave is a Fintech which, through its subsidiaries, operates the fastest growing mobile money product in Africa. Wave is a priority impact business with the ambition to financially include millions of financially excluded African adults. Our vision is to help Africa become the first cashless continent.

About Delphi

Delphos is the definitive source for arranging innovative financial solutions for businesses and development projects. We specialize in raising long-term, competitively priced capital for corporations, fund managers, developers, SMEs, sovereigns and entrepreneurs worldwide. Since 1987, we’ve arranged more than $20 billion in development funding to support the efforts of more than 1,200 companies. We draw on the resources of more than 350 government agencies and multilateral organizations around the world to help our clients achieve their international business goals and achieve lasting impact. In addition to our capital raising efforts, Delphos provides market-leading transaction advisory and investment advisory/risk management services to public and private sector clients across multiple industries. We are approved advisors to AfDB, DFC, IDB Invest, IFC, USAID, US Ex-Im Bank, USTDA, WBG, major private equity firms, infrastructure developers and strategic investors, as well as governments and foreign public services.

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