In 2017, one billion immigrants worldwide sent over $600 billion home to family and friends, dwarfing foreign governmental aid. In the age of cheap, quick transfers through services like Paypal and Venmo, these people are trekking to stores to pay fees averaging over 7% for transfers that typically take 24 hours or more.
Wave's mission is to change that by making sending money anywhere in the world easy and affordable. Since 2014, our app has allowed Africans in the US, the UK, and Canada to send money instantly to mobile money wallets in Kenya, Uganda, & Tanzania, saving our users over 70% relative to Western Union and MoneyGram.
In 2016, we expanded our scope and began building a mobile money product for domestic markets in Africa. In places where electricity, water and roads don't always work, we're creating financial infrastructure that "just works." Our mobile platform in Senegal enables peer-to-peer payments, purchase of goods and services and addresses small business payment needs. Our goal is to make Africa the first cashless continent, starting with Senegal.
We are looking to rapidly expand throughout Africa in the next year. That's where you come in...