The venture capital arm of National Australia Bank (NAB Ventures) has led a $24 million Series D funding round in Toronto-based cloud FinTech firm Wave.

Wave provides cloud-based financial management software including accounting, invoicing and payroll, with integrated financial services such as credit card processing and lending. Over 2.5 million small business owners around the world have used Wave, while more than 60,000 new businesses join the Wave ecosystem every month. The firm also has over 35,000 active users in Australia.

The financing round also included funding from Royal Bank of Canada (RBC), 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.

Melissa Widner, general partner at NAB Ventures, said: “We are looking forward to working with Wave, which has developed an interesting approach to cloud software and financial services aimed at small businesses with fewer than 10 employees.

“We were impressed with how Wave’s offering gives entrepreneurs the tools they need to be successful, along with the fact their invoicing and accounting software are free, with customers able to purchase additional financial services to suit their requirements as needed.”

Kirk Simpson, co-founder and CEO of Wave, added: “We all know that small businesses power the global economy, and nobody understands Australian small businesses better than NAB. We look forward to exploring together how to serve those business owners better.

“We also believe that innovative partnerships between technology companies and world class banks will lead to transformative solutions in the market. In NAB and RBC, Wave has forward-looking, innovative bank partners on two continents, opening the door to those transformations.”

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