Wave, a provider of financial management software for entrepreneurs and small business owners, has closed a $24 million strategic funding round from companies including National Australia Bank (NAB), Royal Bank of Canada (RBC), Portag3 and Exhibition Capital.
Portag3 is the investment arm of the Power Corporation of Canada focusing on financial services innovations.
Wave has attracted more than 2.5 million users globally to its financial management software. It allows entrepreneurs to manage invoicing, receiving payments, lending, payroll and receipts, hence automating much of the bookkeeping process.
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.