Canadian fintech firm Wave raises $24M in Series D funding led by NAB Ventures

Canadian fintech company Wave has raised US$24 million in Series D funding round that was led by Australian–based NAB Ventures.

The funding round also saw investments from Royal Bank of Canada, Silicon Valley venture firms CRV and Social Capital, global funds OurCrowd and Harbourvest, as well as Canadian investors OMERS Ventures, BDC IT Venture Fund, BDC Capital and Portag3.

Wave offers cloud-based financial management software including accounting, invoicing and payroll with integrated financial services such as credit card processing and lending.

The fintech firm said that it will utilize the funding to accelerate product development and wants to invest in its use of artificial intelligence (AI) and machine learning techniques.

“We're proud to support Wave as they continue to bring solutions to market for entrepreneurs in Canada and around the world,” Mike Dobbins, head of strategy and corporate development at RBC, said, as reported by CNBC. “This investment is part of our commitment to support the scale up of emerging fintech companies in our economy, recognizing the critical role they play in Canada's Innovation agenda.”

Australian Financial Review stated that Wave is seeking to utilize RBC and NAB to incorporate financial services into the software that users can use for free. It added that the revenue would be generated from fees relating to invoice, payroll and payments.