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Mobile Money challenger startup, Wave, has been listed by the famed Silicon Valley accelerator program, Y Combinator in its inaugural Top Companies List by Revenue. The list was shedding light on the remarkable success stories within the Y Combinator community. With revenue being a key indicator of growth, this list recognizes the startups that have achieved significant net revenue throughout 2022. While specific revenue figures are kept confidential (most of the companies on the list are private companies so aren’t compelled by law to release their revenue), the collective achievements of these companies are nothing short of impressive, generating a staggering total revenue exceeding $50 billion.
The diversity showcased by the YC Top Companies List is awe-inspiring, encompassing a wide array of verticals, locations, and stages of growth. Aspiring founders are encouraged to draw inspiration from these exceptional companies, whose achievements demonstrate that now, even in uncertain economic times, is a great moment to embark on the startup journey. This comprehensive compilation underscores that tremendous startups can emerge in countless forms and industries.
Impressive statistics accompany the list, further illuminating the accomplishments of these revenue-driven startups. Collectively, these companies have raised a staggering $40 billion and boast a combined valuation of $400 billion. Notably, each company on the list carries a valuation of over $150 million, signifying their significant market impact. Moreover, the employment opportunities created by these startups are truly remarkable, with over 70,000 individuals benefiting from their growth-oriented endeavours.
Wave Mobile Money was started around 2018 in Senegal by Drew Durbin and Lincoln Quirk. These two started Sendwave as well in 2014, which was a remittance service. With Sendwave, anyone in Africa could receive money from North America and some European countries.
Sendwave was acquired by WorldRemit in a deal that was valued at $500m in 2020. But before this, Durbin and Quirk had been working on a product that eventually became Wave Mobile Money and piloted it in Senegal in 2018. After the acquisition of Sendwave, they turned their focus to Wave.
Since then, Wave has grown by leaps and bounds, especially in Senegal. It has between 4-5M users in Senegal making it the biggest mobile money service in the country, bigger than Orange Money: a service by Orange Telecom which is the biggest telecom company there.
But Wave caused Africa-wide shockwaves in September 2021 when it raised $200m in the largest Series A ever on the continent according to TechCrunch. The list of backers was even more impressive: Founders Fund, Sequoia Heritage, Stripe, Partech Partners and Ribbit Capital among others. This came at a valuation of $1.7bn making it one of the few African startups to achieve unicorn status and the first in Francophone Africa.
After its inception in Senegal, Wave Mobile Money has expanded to other West African countries like Gambia. Mali, Burkina Faso, Cote d’Ivoire and Uganda in East Africa. The startup enjoyed significant success in Francophone Africa, usurping Orange Money as the dominant player but has found the going tough in Uganda as MTN Mobile Money and Airtel Money are deeply entrenched in the market. It has laid off workers multiple times and downsized amid exit fears.
Wave was the only African startup on the list, despite Y Combinator investing in over 80 African startups including another unicorn Flutterwave, Paystack, Kobo360 and Uganda’s Numida. Global startups like Stripe, Coinbase and Monzo Bank also made the list.