Wave Financial

Financial software for small businesses

Toronto, Ontario, Canada

About Wave Financial

Wave Financial provides financial software solutions specifically designed for small businesses, freelancers, and independent contractors. Their main offerings include invoicing, accounting, and receipt scanning, which are available for free, making it accessible for users who may find traditional accounting software too complex or costly. Wave generates revenue through optional paid features, such as payment processing and payroll services, allowing clients to accept payments and manage employee payroll efficiently. The products are integrated to provide a comprehensive view of financial health, helping users make informed decisions. Wave differentiates itself from competitors like QuickBooks by focusing on user-friendliness and affordability, aiming to empower small businesses to manage their finances effectively.

Toronto, CanadaHeadquarters
2009Year Founded
$98.1MTotal Funding
ACQUISITIONCompany Stage
Fintech, Financial ServicesIndustries
201-500Employees

Benefits

Remote Work Options
Health Insurance
Wellness Program
Professional Development Budget
Flexible Work Hours
Paid Holidays
Paid Sick Leave

Risks

Increased competition from fintech companies could erode Wave's market share.
Paid model introduction may alienate users accustomed to free services.
Managing payroll across 11,000 jurisdictions poses compliance challenges.

Differentiation

Wave offers free accounting and invoicing, unlike many competitors.
Wave's products are integrated, providing a seamless financial management experience.
Wave's user-friendly interface appeals to small business owners and freelancers.

Upsides

Partnership with Check enhances payroll services across all 50 U.S. states.
New paid plan in 2024 caters to growing small businesses, increasing retention.
Updated mobile app attracts users preferring on-the-go financial management.

Funding

Total raised$98.14 M
Latest valuation$405.00 M
StageACQUISITION