HomeTECHNOLOGYSenegalese Startup Wave Named Only African Firm in YC Combinator's Top 50...

Senegalese Startup Wave Named Only African Firm in YC Combinator’s Top 50 Companies 

Wave, a Senegalese startup that offers mobile money services, is the only African venture in the list of top 50 companies within the community of startups under YC Combinator, a United States-based tech accelerator.

According to a statement from YC Combinator, the list recognizes companies in its community that achieved the highest net revenue in 2022. 

Combinator noted that the motive for publishing the list was to encourage aspiring founders to pursue their ambitions based on the inspiration from the success stories of the listed startups.

Moreover, all companies on the list achieved a certain threshold in terms of the total revenue generated in 2022.

Jointly, the 50 companies raised more than $50 billion in 2022, according to Combinator

However, the list did not disclose the exact revenue raised by companies due to confidentiality reasons.

“Despite the fiscal landscape, now is a great time to start a startup — and as this list shows, tremendous startups can come in many, many forms,” the statement from YC Combinator read in part.

Emerging Brand Africa established that Combinator ranked Wave among popular brands in the world including hospitality startup AirBnB, hosting company Dropbox and digital analytics platform Amplitude.

The Rise of Wave

Wave is one of the startups forming a community of over 4,000 companies across the globe formed through its accelerator programs. 

Founded in 2018 in the Senegalese Capital of Dakar, Wave has taken the West African market by storm and has since grown its operations to Ivory Coast.

The startup allows users to transfer, save and borrow money on an easy-to-use platform that has been seen as an affordable alternative.  

In 2021, Wave reached a milestone after raising $200 million in a Series A fundraiser to become the first unicorn from Francophone West Africa.

Wave has also opened offices in Burkina Faso, Uganda, Ivory Coast, and the Gambia.

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