Wave Raises US$24m in Funding
Summary
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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