The Royal Bank of Canada (RBC) and the National Australia Bank (NAB), amongst other investors, have joined a $24m funding round in Wave, a financial management software firm for entrepreneurs and small businesses.

Other financial services firms, including Portag3, and Exhibition Capital, the investment arm of PowerCorp, also contributed to the funding, alongside existing investors CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd.

Wave will use the investment to develop the platform’s financial solutions to help business owners to succeed. In addition, it will continue to improve its ability to automate basic accounting functions and provide insights to help businesses grow, through artificial intelligence and machine learning algorithms.

Mike Dobbins, head of strategy and corporate development at RBC, said: “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, recognizing the critical role they play in Canada’s Innovation agenda.”

Wave offers entrepreneurs a financial management software that integrates invoicing, receiving payments, lending, payroll and receipt management. It also gives a view of a business finances and can identify the need for specific financial services.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.