Ant Financial to invest US$73.5 million in Wave Money
Ant Financial has decided to invest US$73.5 million in fintech firm Wave Money as part of a strategic partnership to boost financial inclusion in Myanmar. The investment makes the Alipay operator a substantial minority stakeholder in Wave Money, alongside existing shareholders Yoma Group and Telenor.Wave Money lets users send and receive money using their phones or through one of its 57,000 agents called “Wave Shops” scattered across urban and rural areas in Myanmar. It was founded in 2015 as a joint venture between Yoma and Telenor,Wave Money is profitable, having become EBITDA-positive in 2018 and reaching US$4.3 billion in transfer volume in 2019. The company also said that over 21 million people have used its platform, with its monthly active user base growing by 14% month on month. Wi...