Wave provides financial management software including accounting, invoicing and payroll services to companies with fewer than 10 employees.

The $32 million Series D funding round was led by NAB and includes Royal Bank of Canada, Silicon Valley venture firms CRV and Social Capital, global funds OurCrowd and Harbourvest, as well as Canadian investors OMERS Ventures, BDC IT Venture Fund, BDC Capital and Portag3.

“We’re looking forward to working with Wave, which has developed an interesting approach to cloud software and financial services aimed at small businesses with under 10 employees,” NAB Ventures general partner Melissa Widner said. 

“We were impressed with how Wave’s offering gives entrepreneurs the tools they need to be successful, along with the fact their invoicing and accounting software are free with customers able to purchase additional financial services to suit their requirements as needed,” Ms Widner said.

NAB Ventures is NAB’s venture capital fund.

Wave co-founder and chief executive, Kirk Simpson, said, “At Wave, we believe that the way to help small businesses succeed is with powerfully integrated financial services and software.”

“By helping business owners manage their cash flow, prepare for tax time and gain actionable business insights, Wave covers the spectrum of a small business owner’s financial life, and helps their businesses grow and thrive.” 

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