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.



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