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Wave Raises $24 Million to Advance Fintech Solution, Help Small Businesses Grow

Wave announced this morning that it has raised $24 million (USD) in strategic financing.

The Toronto-based provider of financial management software for entrepreneurs and small business owners secured the capital from new investors National Australia Bank, Royal Bank of Canada, Portag3, and Exhibition Ventures, as well as from existing investors CRV, Social Capital, BDC IT Venture Fund and BDC Capital, Omers Ventures, Harbourvest and OurCrowd.

“Since 2010, Wave has been an innovator in small business financial solutions,” says cofounder Kirk Simpson.

The Canadian startup, which now has more than 150 employees and 2.5 million users globally, allows entrepreneurs to manage their business including invoicing, lending, and receipt management, all  integrated into a double-entry accounting system.

“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,” says Simpson.

Simpson says the capital will help Wave “accelerate the development of seamlessly integrated financial solutions within its core platform, providing business owners with solutions that can help their businesses be successful.”

“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,” noted Mike Dobbins, Head of Strategy and Corporate Development for RBC.

Wave last raised capital in October when the firm secured more than $14 million. As of this latest round, the company has now raised a total of more than $70 million.

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