On May 30, 2017, Wave announced a strategic financing round of $32 million from National Australia Bank, RBC, Portag3, and Exhibition Capital. The investment also includes funding from existing investors CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd. The company plans to use the funding to double down on development of financial solutions integrated in its core platform.
Wave is a Toronto-based company that provides a suite of financial services and online software for small businesses. Wave has over 2.5 million global signups on its platform so far.
Wave has plans to integrate artificial intelligence and machine learning algorithms to automate basic accounting functions and provide actionable insights to entrepreneurs on their businesses.
Osler, Hoskin & Harcourt LLP represented Wave with a team consisting of Chad Bayne, Justin Dharamdial (Corporate), and Drew Morier (Tax).