Wave provides cloud-based financial management software with integrated financial services for entrepreneurs and small business owners. Led by CEO and co-founder Kirk Simpson, the platform integrates invoicing, receiving payments, lending, payroll and receipt management into a double-entry accounting system. With a total view of a business’s finances, Wave identifies the need for specific financial services at the exact time of need and helps the business owner acquire and use those services from within the software. The company offers integrated financial services and aims to manage core business functions from a single platform. Wave intends to use the recent funds to accelerate the development of integrated financial solutions within its core platform. No operating metrics were provided in the article. Wave offers cloud-based financial software focused on invoicing and accounting for small businesses, and has expanded into payments and an early lending product. The company is investing in mobile capabilities to let business owners manage accounting from their phones and is exploring automation. Wave plans to use new funding to accelerate R&D and ramp product development across its suite. It also intends to grow headcount to approximately 150 people over the next six months. The lending product has been soft-launched to select businesses in the US and Canada but has not been fully rolled out. Wave reported total funding to date of $62.3 million and said it is on track to reach $20 million ARR by 2016. Wave provides an integrated suite of financial tools for small and micro-businesses, including accounting, invoicing, payments, payroll, receipt scanning and personal finance. The company says it is the fastest-growing small business financial solution and acquires customers organically. Wave is signing up more than 10,000 businesses per week and has attracted over 1,000,000 small businesses over the past three years. Its customers are invoicing more than $6 billion per year, Wave signs up nearly 5,000 merchant accounts each month, payroll customers are running nearly $250 million in payroll per year, and Wave is tracking $60 billion in customer income and expenses. The new capital is earmarked for ongoing innovation and development of small business financial tools. Leadership frames the product as a comprehensive, cloud-based finance suite tailored to owner-operated microbusinesses.

Total raised

$64M

Funding rounds

6

Latest round

Equity

Latest activity

May 2017