Toronto-based Wave Accounting, the free small business web-based accounting solution, has announced it has closed a Series C investment, led by CRV, The Social+Capital Partnership, OMERS Ventures, and an unknown “strategic investor in the global fintech software space.”
With this round, Wave has now raised a total of $35 million and the investment will be used “to power innovation” and to develop a new suite of products for the small business market.
“With the support of CRV, Social+Capital and OMERS Ventures, we can complete our vision of building a truly disruptive suite of tools for owners of small- and micro-businesses,” says Kirk Simpson, CEO and co-founder of Wave. “Our strategy goes beyond solving a singular need: We’re taking the fear and pain out of all aspects of financial management, and helping our customers grow healthy, profitable businesses.”
Wave, which is a free service, launched in 2010 and offers its customers tools to assist with the struggles of accounting, such as invoicing, payroll, and a payment processing platform. The company now boasts over 1 million small businesses customers and reportedly are seeing upwards of 10,000 new sign ups every week.
Additional stats based on Wave data suggests that its customer base are “invoicing more than $6 billion per year” and its payroll customers are currently processing about $250 million in payroll per year.
