18 December 2017
visit http://response.ncr.com

RBC and NAB invest in financial management software firm Wave

30 May 2017  |  5404 views  |  0 toronto

National Australia Bank and Royal Bank of Canada have joined a US$24 million funding round for Wave, a Toronto-based provider of financial management software for small businesses.

The investment arm of PowerCorp, Portag3, and Exhibition Ventures also joined the strategic round, alongside existing investors CRV, Social Capital, BDC Capital, Omers Ventures, Harbourvest and OurCrowd.

Launched in 2010, Wave offers cloud-based financial management software to small firms, integrating invoicing, payments, lending, payroll and receipt management into a double-entry accounting system.

The firm says that it has more than two-and-a-half million users around the world and is attracting 60,000 new businesses to its ecosystem every month.

Having already doubled its headcount in the last year, Wave says it will use the new money to drive product development, with AI and machine learning algorithms helping it to automate basic accounting functions and provide insights to help businesses grow.

Mike Dobbins, head, strategy and corporate development, RBC, says: "This investment is part of our commitment to support the scale up of emerging fintech companies in our economy, recognising the critical role they play in Canada’s Innovation agenda."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comvisit www.aciworldwide.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11128 views comments | 3 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
9635 views comments | 19 tweets | 21 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7673 views comments | 19 tweets | 22 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7248 views comments | 6 tweets | 26 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7165 views comments | 5 tweets | 11 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job