When was Wave Systems founded?

Wave Systems was founded in 1996 and became a unicorn in 2021, reaching the milestone in 25 years. It raised its 1st funding round 16 years after its incorporation.

Where is Wave Systems located?

Wave Systems is headquartered in Lee, United States.

Who is the current CEO of Wave Systems?

Drew Durbin of Wave Systems. They have also founded 2 companies.

How many employees does Wave Systems have?

As of Sep 30, 2026, the latest employee count at Wave Systems is 5737.

Is Wave Systems a funded company?

Wave Systems is a funded company, having raised a total of $326M across 9 funding rounds to date. The company's 1st funding round was a $125K Unattributed round, raised on 2012.

How much is Wave Systems worth?

The latest valuation of Wave Systems is $1.7B as of Jul 06, 2022.

When was the latest funding round of Wave Systems?

Wave Systems' latest funding was a $137M Conventional Debt round on Jun 30, 2025, with participation from 4 investors. Its primary sector is Payments. In United States, the Payments sector has seen $7.7B in funding in 2026 to date.

Is Wave Systems a Payments company?

The primary sector of Wave Systems is Payments.

Where does Wave Systems rank among its competitors?

Wave Systems ranks 22nd amongst 6338 active competitors, of which 536 are funded. It stands 8th in terms of total funding among its competitors. The most recent competitor to raise funding was TrueLayer, which secured $27M in Oct, 2026.

Who are the top competitors of Wave Systems?

Wave Systems' top competitors include PayPal, Razorpay and Stripe. Among them, TrueLayer secured the most recent funding round in October, 2026.

Wave Systems - 2026 Company Profile, Team, Funding & Competitors

Wave Systems is a late stage company based in Lee (United States), founded in 1996 by Drew Durbin. It operates as an App-based wallet for cross-border money transfers. Wave Systems has raised $326M in funding from investors like Sequoia Capital, Stripe and Founders Fund, with a current valuation of $1.7B. The company has 6338 active competitors, including 536 funded and 491 that have exited. Its top competitors include companies like PayPal, Razorpay and Stripe.

Sectors and market segments that Wave Systems operate in

Wave Systems serves in the FinTech market segments.The primary business model of Wave Systems is:

FinTech > Payments > ***** **** > ***** ******

Company Details

App-based wallet for cross-border money transfers. It offers services such as deposit and withdrawal, bill payments, mobile recharge, and more. App is available on iOS and Android devices.

Website: www.wave.com/en/
Social

Key Metrics

Founded Year

1996

Location

Lee, United States

Stage

Late Stage

Total Funding

$326M in 9 rounds

Latest Funding Round

Conventional Debt, Jun 30, 2025, $137M

Post Money Valuation

$1.7B as on Jul 06, 2022

Investors

Sequoia Capital & 32 more

Ranked

22^nd among 6338 active competitors

Employee Count

5,737 as on Sep 30, 2026

Investment & Acquisitions

Safend

Similar Companies

PayPal & 3782 more

View Wave Systems' full profile

Wave Systems is associated with 2 legal entities given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Reports
WAVE MOBILE MONEY INC. CIN: 214245995 , United States, Active	Jul 25, 2023	-	-	-
WAVE MOBILE MONEY INC. CIN: 852753880 , United States, Active	Dec 31, 1999	-	33 (As on Dec 31, 2021)	-

Wave Systems has raised a total funding of $326M over 9 rounds. Its first funding round was on 2012. Its latest funding round was a Conventional Debt round on Jun 30, 2025 for $137M. 4 investors participated in its latest round. Wave Systems has 32 institutional investors and 1 angel investor.

Here is the list of recent funding rounds of Wave Systems:

Filter this list

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Jun 30, 2025	$137M	Conventional Debt	-	-	RMB	British International Investment, Finnfund, Norfund
Oct 24, 2022	$5M	ICO	-	-	-	Stellar
Jul 06, 2022	$24.5M	Conventional Debt	-	-	-	Finnfund, Norfund, IFC

Access funding benchmarks and valuations. Sign up today!

View details of Wave Systems's funding rounds and investors

The founders of Wave Systems is Drew Durbin. Drew Durbin is the CEO of Wave Systems.

Here are the details of Wave Systems' key team members:

Drew Durbin: Founder & CEO of Wave Systems and founder of 1 other company.
Contact Info: 1 email address

View details of Wave Systems's Founder profiles and Board Members

Wave Systems' employee count trend

Wave Systems has 5,737 employees as of Sep 26. Here is Wave Systems's employee count trend over the years:

Uncover Wave Systems' growth story! Sign up today!

Access Tracxn on any website

Our Google Chrome extension lets you view company details while browsing their websites

Install Tracxn Extension

Top competitors of Wave Systems include PayPal, Razorpay and Stripe. Here is the list of Top 10 competitors of Wave Systems, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	PayPal 1998, United States, Public	Provider of online payment solutions, money transfers, and virtual wallets	$216M	ING, MDP & 30 others	88/100
2nd	Razorpay 2014, Bengaluru (India), Series F	Provider of a comprehensive financial platform for businesses to accept, process, and disburse payments	$742M	Peak XV Partners, GIC & 35 others	86/100
3rd	Stripe 2010, San Francisco (United States), Series I	Provider of financial infrastructure solutions for revenue growth and payment processing	$9.81B	General Catalyst, Sequoia Capital & 137 others	86/100
4th	Payoneer 2005, New York City (United States), Acquired	Provider of cross-border payment solutions for freelancers, businesses, and marketplaces	$269M	TCV, Wellington & 24 others	85/100
5th	Airwallex 2015, Melbourne (Australia), Series H	Provider of financial infrastructure for processing payments and managing treasury	$1.9B	Lone Pine Capital, Addition & 52 others	84/100
6th	Adyen 2006, Amsterdam (Netherlands), Public	Provider of end-to-end payment, data, and financial management platform solutions	$266M	Index Ventures, Iconiq Capital & 16 others	83/100
7th	GoCardless 2011, London (United Kingdom), Acquired	Provider of automated bank payment collection and recurring billing services	$540M	Adams Street Partners, Permira & 27 others	81/100
8th	Flutterwave 2016, San Francisco (United States), Series E	Provider of payment solutions for online and physical business transactions	$489M	Greycroft, Mastercard & 74 others	79/100
9th	Xendit 2015, Jakarta (Indonesia), Series D	Online payment and money transfer platform for businesses	$554M	Accel, Amasia & 28 others	79/100
10th	TrueLayer 2016, London (United Kingdom), Series E	Provider of open banking infrastructure for digital payments and verification	$349M	Northzone, Temasek & 28 others	78/100
22nd	Wave Systems 1996, Lee (United States), Late Stage	App-based wallet for cross-border money transfers	$326M	Glynn Capital, Royal Bank of Canada & 31 others	75/100