Canada-based financial management software platform Wave Accounting has raised $24m in its latest funding round.
Those contributing to the round included National Australia Bank, Royal Bank of Canada, Portag3 and Exhibition Capital.
The funding round also saw several returning investors including CRV, Social Capital, BDC IT Venture Fund and BDC Capital, OMERS Ventures, Harbourvest and OurCrowd.
Wave, founded in 2010, allows entrepreneurs to manage the financial side of their business helping with invoicing, receiving payments, lending, payroll and receipt management.
Over 2.5 million business owners use Wave, with around 60,000 more people joining each month, according to the company.
Through the investment, Wave hopes to speed up development of its integrated financial solutions, and with artificial intelligence it aims to automate basic accounting functions and provide insights to help business growth.
RBC, strategy and corporate development head Mike Dobbins said, “We’re proud to support Wave as they continue to bring solutions to market for entrepreneurs in Canada and around the world.
?This investment is part of our commitment to support the scale up of emerging FinTech companies in our economy, recognising the critical role they play in Canada’s Innovation agenda.”
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