Wave brings business services to RBC’s online banking platform
Wave – a business financial management (BFM) solutions provider from Toronto – has signed a deal that will integrate its invoicing, accounting, and business financial insights technology into Royal Bank of Canada’s online banking platform, reports David Penn at Finovate (Banking Technology‘s sister company).
Pointing to the wide range of responsibilities shouldered by small business owners, Wave CEO and co-founder Kirk Simpson says: “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”.
Wave’s financial software and services, which include free invoicing, accounting, payment processing, receipt scanning, and more, are currently used by nearly three million businesses worldwide, according to the company.
“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,” VP of small business for RBC, Jason Storsley, says. “This means a small business owner can spend more time being the CEO of their business and less time being the CFO,” he adds.
RBC is the largest bank in the country based on market capitalisation ($113 billion). The bank’s 81,000 employees serve more than 16 million retail, business, public sector, and institutional banking clients in Canada, the US and in 35 other countries.
Wave has raised more than $79 million in total funding since its inception in 2010, and has NAB Ventures, BDC IT Ventures, and CRV among its investors.
In June this year, Wave introduced automatic payments for customers living in areas where Payments by Wave credit card processing is supported. This spring the company unveiled a variety of enhancements to its mobile invoicing solution, adding the ability to duplicate invoices, import contacts from your smartphone, and instant address auto-complete.