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.
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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.
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