May 30, 2017
Wave closes strategic funding to embed financial solutions into its small business software
TORONTO -- Wave announced a US$24 million strategic financing today, with participation from leading financial services companies including National Australia Bank (NAB), Royal Bank of Canada (RBC), Portag3 (the investment arm of PowerCorp focusing on financial services innovations), and Exhibition Capital. The investment also includes funding from existing investors CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd.
Wave has attracted more than 2.5 million users globally to its financial management software. Designed for the small business owner, Wave allows entrepreneurs to easily manage their business including such critical functions as invoicing, receiving payments, lending, payroll and receipt management, all seamlessly integrated into an award-winning double-entry accounting system. Wave allows the business owner to focus on the things that make their business successful while letting the software automate much of the corresponding bookkeeping.
With a 360° view of a business's finances, Wave can identify the need for specific financial services at the exact time of need, and help the business owner acquire and use those services, all from within the software.
Kirk Simpson, CEO and co-founder of Wave, says, "Since 2010, Wave has been an innovator in small business financial solutions. Our customers tell us that by deeply integrating financial services into our cloud-based software, we are helping them thrive while changing how they think about and use small business financial products."
With this funding, Wave will accelerate the development of seamlessly integrated financial solutions within its core platform, providing business owners with solutions that can help their businesses be successful. In addition, through advanced artificial intelligence and machine learning algorithms, Wave will continue to develop its ability to automate basic accounting functions and provide meaningful and actionable insights to help businesses grow.
"We're proud to support Wave as they continue to bring solutions to market for entrepreneurs in Canada and around the world," said Mike Dobbins, head, strategy and corporate development, RBC. "This investment is part of our commitment to support the scale up of emerging fintech companies in our economy, recognizing the critical role they play in Canada's Innovation agenda."