Startup accelerator Y Combinator, has disclosed the list of companies that generated the highest revenues in 2022. Senegalese fintech startup, Wave, stands out as the only African company among the 50 companies on the list. The company shares this privilege with prominent companies such as Monzo Bank, Coinbase, Zapier, Webflow, and Stripe.
In total, the 50 companies featured on the list of highest revenue generators in 2022. Collectively, the companies employ over 70,000 individuals. It is noteworthy that only 22% of these companies have offices located outside the United States. Demonstrating their remarkable financial success, these companies have raised a combined total of $40 billion in funding and generated over $50 billion in revenue throughout the year.
Since its establishment in 2005, Y Combinator has been empowering entrepreneurs across the globe by providing seed funding, mentorship, and resources to startups. With a strong focus on Africa, the US-based accelerator has helped fund and develop several successful African companies that are now household names.
The company has invested in more than 80 African startups, including Flutterwave, Paystack, Kobo360, and Cowrywise. But despite being a unicorn, Flutterwave did not make the list. Although Y Combinator did not reveal the revenues recorded by each startup, it however says all companies on the list met a certain revenue threshold.
Wave is a peer-to-peer money transfer service that leverages mobile money accounts instead of traditional bank accounts. According to its Founder, Durbin Drew, customers have the option to make deposits and withdrawals at physical agent locations without incurring any fees.
“Customers can make deposits and withdrawals at physical agent locations without paying a fee, or they can use a smartphone app that takes a flat 1% cut of the money sent,” Drew explains.
Moreover, the company enables customers to settle bills without being subject to additional charges and offers instant airtime purchases. In a departure from its competitors, Wave does not impose fees for bill payments. Additionally, the company provides users who lack access to smartphones with a complimentary QR-card, facilitating transactions with agents who can establish accounts, accept deposits, and process withdrawals.
Wave has emerged as Africa’s most recent top company, securing its position as the first startup from Francophone Africa to attain this esteemed status. It achieved the billion-dollar valuation milestone in 2021, following in the footsteps of Flutterwave and OPay.
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