Small business-focused online accounting and expense tracking product maker Wave Accounting Inc. closed a $4.91 million (CDN$5 million) round of venture capital funding aimed at continuing the development of its free online software for small businesses and marketing it internationally.

Wave’s immediate plans include ongoing application development, along with the launch of a complementary payroll application later this year.

Wave’s software is primarily geared towards businesses with less than 10 employees and designed to eliminate manual data entry by importing transactions automatically from a user’s bank account or electronic statement. The company offers its software free for its customers, generating revenue through targeted advertising and group-buying opportunities instead of charging subscription fees.

“We’re very pleased to have the participation of Charles River Ventures and OMERS Ventures in this round [of financing],” said Wave president and chief executive Kirk Simpson.“These organizations bring more than just capital to the table: The expertise and insight from CRV and OMERS will be invaluable as we continue to build Wave.”

The company claims to have nearly 75,000 small businesses in 198 countries around the world using its product since its launch less than a year ago.

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