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NAB and RBC put cash into Wave

Wave, a Canadian provider of cloud-based financial management software for small businesses, has closed a US$24 million funding round, with participation from National Australia Bank (NAB), Royal Bank of Canada (RBC), Portag3 (the investment arm of PowerCorp focussing on financial services innovations), and Exhibition Capital. Existing investors CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd also took part.

Kirk Simpson, CEO and co-founder, 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.”

Mike Dobbins, Head, Strategy and Corporate Development, RBC, says: “We’re proud to support Wave as they continue to bring solutions to market for entrepreneurs in Canada and around the world. 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.”

 

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