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📱Wave raises $137m to expand mobile money services across Africa

📱Wave raises $137m to expand mobile money services across Africa

Plus: 🖼️ Momint shuts down

Innovation Village
July 01, 2025

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Today’s Menu ☕️

📱Wave raises $137 million in debt financing to expand mobile money services across Africa
💰AXIAN Telecom finalizes $600M bond issuance to fuel pan-African digital growth
🧑🏽‍🌾 Sahel Capital extends $1 million loan facility to Persea Oil
📡 How Spacecoin Plans to Bring the Internet to Billions on Just $2 a Month
🖼️ Momint shuts down after pioneering NFT and tokenized asset innovation

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📱 MOBILE MONEY

Wave raises $137 million in debt financing to expand mobile money services across Africa

Wave, one of Africa’s highest-valued fintech startups, has secured $137 million in debt financing to strengthen its working capital and accelerate its expansion across both existing and new markets. The funding will be used to scale its mobile money operations and extend affordable financial services to underserved populations across the continent, the company announced in a statement.

The funding round was led by Rand Merchant Bank (RMB), with participation from a consortium of global development finance institutions, including British International Investment (BII), Finnfund, and Norfund. The investment reflects continued confidence in Wave’s mission to deliver low-cost, accessible financial services in a region where traditional banking infrastructure remains limited.

“This funding is incredibly exciting—it means we can reach even more people with a product that’s designed to be both affordable and easy to use,” said Drew Durbin, CEO and co-founder of Wave. “Our goal has always been to build the most inclusive financial system in Africa, and this support brings us closer to that vision.”...…...…continue reading

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📱 TELECOMS

AXIAN Telecom finalizes $600M bond issuance to fuel pan-African digital growth

AXIAN Telecom has successfully priced its $600 million Senior Notes due in 2030, a key step in its financial and regional expansion strategy. The bond, initially marketed at a 7.875% yield, was priced with a 7.250% coupon and a 7.375% yield, reflecting strong demand despite global market volatility.

Oversubscribed nearly three times, the issuance attracted broad interest from global institutional investors, affirming AXIAN’s credibility in international markets. Proceeds will be used to refinance existing debt and support expansion of the company’s digital infrastructure across Africa. A Sustainable Development Impact Disclosure was included, highlighting goals such as boosting mobile financial access, enhancing digital inclusion, and expanding telecom services in underserved areas.

The deal was led by J.P. Morgan, Standard Chartered, and Standard Bank, with legal support from Latham & Watkins and White & Case. CEO Hassan Jaber described the issuance as validation of AXIAN’s mission to drive inclusive digital transformation across the continent.....……continue reading

🧑🏽‍🌾 AGRICULTURE

Sahel Capital extends $1 million loan facility to Persea Oil

Sahel Capital, a prominent impact investment firm focused on agribusiness in sub-Saharan Africa, has announced the disbursement of a $1 million loan facility to Persea Oil, a fast-growing avocado oil processing company operating in Kenya and Tanzania. The funding was provided through Sahel Capital’s Social Enterprise Fund for Agriculture in Africa (SEFAA), and is structured as two equal tranches: $500,000 in working capital and $500,000 allocated for capital expenditure.

Persea Oil plays a critical role in East Africa’s avocado value chain by offering a dependable off-take market for smallholder avocado farmers. The company operates dedicated processing lines for both organic and conventional avocado oil, ensuring traceability and quality control across its supply chains. Currently, Persea sources directly from over 800 smallholder farmers, providing them with advance payments that cover approximately 15% of procurement costs ahead of the harvest season—an initiative that helps stabilize farmer incomes and improve planning.

The company exports 100% of its avocado oil output, with Spain and other European countries serving as its primary markets. Demand for avocado oil has surged globally in recent years, driven by its growing popularity in the food, cosmetics, and pharmaceutical industries due to its health benefits and versatility...……continue reading

📡 INTERNET

How Spacecoin Plans to Bring the Internet to Billions on Just $2 a Month

Tae Oh, founder of Creditcoin, shifted from digital lending to satellite connectivity after realizing many unbanked people also lacked internet access. This led to the creation of Spacecoin, a decentralized satellite network aimed at providing affordable internet to the world’s 2.6 billion unconnected people—starting with Nigeria, India, and Indonesia.

Unlike centralized services like Starlink, Spacecoin operates on a DePIN (Decentralized Physical Infrastructure Network) model, allowing multiple stakeholders to contribute satellites and bandwidth. With early testing underway in Nigeria, the project partners with local telecoms for deployment and support. The pricing model is radically affordable—$1 to $2 per user monthly—and could break even with just 850,000 users.

Beyond connectivity, Spacecoin aims to foster financial inclusion, digital identity, and economic participation, tracked via Creditcoin’s DeFi tools. With its GPS-proof technology and emphasis on local empowerment, Spacecoin is positioning itself as a global infrastructure solution built for the underserved 99%, not just the elite 1%.....……continue reading

🖼️ NFT

Momint shuts down after pioneering NFT and tokenized asset innovation

Momint, a South African crypto and Web3 startup once hailed as a trailblazer in the local NFT and tokenized asset space, has officially announced the winding down of its operations. Despite early momentum and several landmark achievements, the company cited a combination of rising operational costs, limited user growth beyond its core base, and a challenging funding environment as the key factors behind its closure.

Founded in 2021, Momint quickly made headlines as South Africa’s first NFT marketplace to support transactions in local currency. The platform gained early traction with high-profile NFT sales, including digital collectibles linked to rugby legend Bryan Habana and the historic arrest warrant of Nelson Mandela—the latter fetching over $130,000, making it one of the most notable NFT transactions on the African continent. Within weeks of its launch, Momint secured a $2.1 million seed round, signaling strong investor confidence.

As the NFT market evolved, Momint pivoted toward building real-world applications for tokenized assets. In 2023, it launched SunCash, a platform developed in partnership with Sun Exchange, enabling users to crowdfund solar energy projects by purchasing fractionalized solar cells. These cells powered schools and community facilities across South Africa, offering investors a 12% annual return in USDC, and showcasing how blockchain could be used to drive sustainable impact....……continue reading