RBC acquires automated accounts payables startup WayPay

RBC has acquired Burlington-based WayPay, an automated accounts payables platform for small businesses. The acquisition price was not disclosed.

Launched in 2014, WayPay allows businesses to connect to accounts payables platforms like Xero, Sage, and QB so businesses can automatically view, pay, and reconcile approved bills and invoices. WayPay will continue to operate as a separate platform allowing clients to connect to third-party accounting platforms.

“We are helping businesses spend less time approving and reconciling their payables and providing greater visibility.”

“WayPay was built to allow businesses to automate their payables process regardless of their accounting software and how many, what type, or where in the world they wish to send a payment,” said Robert Bast, co-founder and chief revenue officer of WayPay. “We are helping businesses spend less time approving and reconciling their payables and providing greater visibility so they can focus on building and growing their business.”

RBC said the acquisition will allow it to provide its customers with a more comprehensive view of their accounts.

“This acquisition enables us to expand our portfolio of digitally-enabled capabilities and advice for our business clients and further strengthens RBC’s position as a digital leader in the market,” said Greg Grice, executive vice-president of business financial services at RBC. “By integrating WayPay’s innovative payment solution, we’re able to provide clients with a secure, simple and automated payables and payments solution as part of RBC’s comprehensive suite of business offerings to help them manage and grow their business with greater ease and efficiency.”

The acquisition comes a month after tax preparation company H&R Block facilitated one of Canada’s largest tech exits through its $537 million acquisition of Toronto-based Wave, which provides small business accounting software. In that case, Wave, which also counted RBC as a participant in its $32 million funding round in 2017, will also continue to operate as a separate platform, while expanding H&R Block’s existing portfolio of invoicing, payroll, and payments software.

This acquisition also comes two months after RBC’s investment arm, RBC Ventures, acquired Montreal’s Smart Reno, which allows users to post home renovation requirements and receive free referrals to contractors.