Wave Raises US$24m in Funding

Wave, a Toronto, CA-based provider of financial management software for entrepreneurs and small business owners, raised US$24m in funding.

Backers included:
– National Australia Bank (NAB),
– Royal Bank of Canada (RBC),
– Portag3 (the investment arm of PowerCorp focusing on financial services innovations),
– Exhibition Capital,
– CRV,
– Social Capital,
– BDC IT Venture Fund and BDC Capital,
– OMERS Ventures,
– Harbourvest, and
– OurCrowd.

The company intends to use the funds to accelerate the development of integrated financial solutions within its core platform.

Led by Kirk Simpson, CEO and co-founder, Wave provides cloud-based financial management software with integrated financial services to manage their business including such functions as invoicing, receiving payments, lending, payroll and receipt management, all integrated into a double-entry accounting system. With a total 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.

FinSMEs

30/05/2017

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