Wave , the leading provider of financial management software for entrepreneurs and small business owners, raised US$24 million strategic financing.
National Australia Bank (NAB), Royal Bank of Canada (RBC), Portag3 (the investment arm of PowerCorp focusing on financial services innovations), and Exhibition Capital participated in financing the deal. The investment also includes funding from existing investors CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd.
Wave employs about 150 employees mostly in their Toronto and Kitchener offices.
The company manages more than $175 billion in income and expense transactions for its customers, including $21 billion in annual invoicing. The company's first product was a free online accounting software designed for businesses with 1-9 employees, followed by invoicing, personal finance and receipt-scanning software (OCR). In 2012, Wave began branching into financial services, initially with Payments by Wave (credit card processing) and Payroll by Wave, followed by Lending by Wave in February 2017.
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."