Wave raises $14.6 million from BDC’s IT Venture Fund, HarbourVest, CRV and Social Capital and nearly grips $20 million in annualized revenue

October 25
12:55 2016

Toronto-based Fintech startup Wave announced a $14.6 million investment, led by BDC’s IT Venture Fund with participation from HarbourVest, and existing investors CRV and Social Capital.

Wave is a small business financial solution that includes payments, lending, and B2B software services for small businesses. Since launching in 2010, the company has over 2 million users across the globe.

With the investment, Wave will accelerate R&D and continual growth. The company expects to add 50 per cent to its staff over the next 6 months, bringing the team to approximately 150 people.

Wave’s total investments to date, including the funds announced today, come to $62.3 million; Wave is on track for annualized revenues of over $20 million by end of 2016.

“Today, we’re at a great point in Wave’s ongoing story. We have tremendous momentum, and a solid, broad base of products and services that’s nearly unrivalled in the small business space,” says Kirk Simpson, CEO and co-founder of Wave. “With this new investment led by BDC’s IT Venture Fund along with HarbourVest, we have the ability to ramp up the development of our product set. While we’re committed to ambitious improvements to the invoicing and accounting software that makes up Wave’s core, we also have an opportunity now to make a real difference to the cash flow of small business owners, with our payments and lending products, as well as other innovations on our horizon.”

“We are thrilled to be a part of the Wave story,” says Peter Misek, partner at BDC’s IT Venture Fund. “The Company is really a holistic platform for small businesses to run their operations in a proactive fashion, and have financial solutions delivered intuitively and preemptively when and how the small business needs them.”

“We’re excited to partner with Wave and help fuel its growth in providing cloud-based financial software and services to small business owners,” says David Zug, vice president at HarbourVest. “Wave has grown significantly over the past three years and we see a large, underserved market to support further growth, especially as the company expands its payments and lending capabilities to meet the capital needs of small business.”

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