Wave announced it has closed a $10 million Series C investment with participation from CRV, The Social+Capital Partnership, OMERS Ventures and a strategic investor in the global fintech software space, bringing the cloud-based accounting software provider’s total investment to $35 million.
Wave, launched in 2010, plans to use the latest investment for the company’s innovation efforts and development of small business financial tools.
As a small business financial solution, Wave’s integrated back-office services include accounting, invoicing, receipt scanning, expense management, payroll and, launched in the last 12 months, a native payment processing platform. The company will also be expanding its recently upgraded payroll services, available in California and Florida, to additional states in the coming months.
“We are huge believers in Wave’s vision of addressing the full breadth of small business finance needs,” stated CRV partner Devdutt Yellurkar. “Over the past three years, Wave has attracted over one million small businesses to its seamlessly integrated accounting, invoicing and payroll system and continues to grow its customer base very fast.”
“With the support of CRV, Social+Capital and OMERS Ventures, we can complete our vision of building a truly disruptive suite of tools for owners of small- and micro-businesses,” stated Kirk Simpson, CEO and cofounder of Wave. “Our strategy goes beyond solving a singular need: We’re taking the fear and pain out of all aspects of financial management, and helping our customers grow healthy, profitable businesses.”
Financial Technology Partners (FT Partners) served as the exclusive financial and strategic advisor to Wave and its board of directors in the transaction.
