What is Wave Financial?
Wave Financial is a Canadian-based fintech platform that provides free, web-based accounting and invoicing software. Its services are specifically tailored for small businesses, solopreneurs, and freelancers, addressing a critical need for accessible financial management tools in the small business ecosystem. By offering these essential services without charge, Wave Financial positions itself as a key enabler of small business growth and operational efficiency, aiming to simplify financial administration for its user base.
How much funding has Wave Financial raised?
Wave Financial has raised a total of $221.7M across 9 funding rounds:
Angel/Seed
$1.6M
Series A
$5.1M
Series B
$12.1M
Private Equity
$6M
Series C
$10M
Private Equity
$11.3M
Private Equity
$14.6M
Series D
$24M
Debt
$137M
Angel/Seed (2011): $1.6M with participation from OMERS Ventures
Series A (2011): $5.1M led by Charles River and OMERS Ventures
Series B (2012): $12.1M supported by Charles River, OMERS Ventures, and The Social+Capital Partnership
Private Equity (2013): $6M, investors not publicly disclosed
Series C (2015): $10M backed by OMERS Ventures, The Social+Capital Partnership, and Charles River
Private Equity (2016): $11.3M with participation from CRV, BDC, HarbourVest, and Social Capital
Private Equity (2016): $14.6M led by BDC'S IT Venture Fund, HarbourVest, CRV, and Social Capital
Series D (2017): $24M supported by Portage Ventures, HarbourVest, National Australia Bank, Royal Bank of Canada, CRV, BDC IT Venture Fund, OurCrowd, Social Capital, and OMERS Ventures
Debt (2025): $137M featuring Commercial Bank du Cameroun
Key Investors in Wave Financial
HarbourVest
HarbourVest Partners is a global private markets investment solutions provider, specializing in fund investing, secondary transactions, and direct co-investments. They offer commingled funds and separately managed accounts, headquartered in Boston, Massachusetts.
CRV
CRV is a venture capital firm focused on early-stage technology startups, with a history of investing in over 500 companies since 1970. They are known for their long-term commitment to founders, providing support from inception through IPO.
Social Capital
Social Capital is an investment firm dedicated to solving significant global problems by empowering entrepreneurs. They identify challenges and assemble experts and resources to develop and execute solutions through investment and company building.
What's next for Wave Financial?
With a history of major enterprise-level funding and strategic investments, Wave Financial is well-positioned for continued expansion and innovation. The company's consistent access to capital suggests a strong market position and a clear path for scaling its operations and enhancing its product offerings. Future developments are likely to focus on deepening its suite of financial tools for small businesses, potentially exploring new service verticals or expanding its market reach through strategic partnerships and technological advancements. The company's sustained ability to attract significant investment points towards a robust business model and a promising outlook for future growth.
See full Wave Financial company page
