How they describe themselves: Wave changes the way small business owners make money, spend money and track money. With award-winning, 100% free software including invoicing and accounting, Wave builds a massive customer base and collects ultra-rich financial data, which makes it possible to offer innovative, deeply embedded financial services like payment processing and lending. Over 2.7 million business owners around the world have registered with Wave to manage their finances, and over 60,000 new businesses join the Wave ecosystem every month.
How they describe their product/innovation: Micro- and small business customers are a massive segment, in need of a wide range of services to grow and prosper. However, they present many challenges to financial institutions including: acquiring them, engaging them, retaining their loyalty, and identifying which products the business needs at which moments. Royal Bank of Canada and Wave are debuting an innovative solution where Wave’s award-winning financial management software is deeply embedded into RBC’s online business banking platform (OLBB). The results: engaged customers within the RBC OLBB ecosystem; improved customer experiences; and improved insights into business financial needs yielding higher conversions on recommendations of financial services.
Product distribution strategy: Direct B2B, through financial institutions, through other fintech companies and platforms