RBC and Wave have partnered to integrate invoicing, accounting, and business financial insights into RBC’s online business banking platform.
Wave’s platform, which services 3 million businesses, includes free invoicing, accounting, payment processing, receipt scanning, reporting. The service will be available through a business owner’s RBC online banking site, providing an easy-to-read interface with insights into their business, which combines banking and accounting information.
“Entrepreneurs and small business owners have a range of financial activities and tasks they need to accomplish. On a daily basis, they’re sending invoices, processing payments, and doing their bookkeeping.” says Kirk Simpson, CEO and co-founder of Wave. “By embedding Wave’s complete small business tools into RBC’s online business banking platform, small business owners now have one single destination to manage their financial life.”
RBC, notably, was one of the leads in Wave’s $32 million round in May. The partnership represents a positive step forward for the company, which has been moving away from its reputation as an accounting platform into a full-service financial platform for entrepreneurs.
“We’re always exploring how we can use emerging technologies to simplify the complex issues our small business clients face and help them achieve their goals,” says Jason Storsley, VP of small business at RBC. “Small businesses generally don’t have dedicated accounting and billing staff; it’s typically the owner of the business who is managing the finances, and completing these tasks takes up valuable time. Working with Wave, we’ve created a unique platform where the business owner’s financial life is contained under one roof, making it easier for them to manage their business. This means a small business owner can spend more time being the CEO of their business and less time being the CFO.”