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Wave Brings Business Services to Royal Bank of Canada’s Online Banking Platform

O Canada, indeed! Yesterday we shared the news that National Bank of Canada was joining Toronto-based SecureKey’s Digital Identity Network. Today we learn that Wave – a small, business financial management (BFM) solutions provider also 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.

Pointing to the wide range of responsibilities shouldered by small business owners, Wave CEO and co-founder Kirk Simpson said, “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.

Left to right: Wave CEO and co-founder Kirk Simpson and VP of Small Business for RBC Jason Storsley demonstrating Wave embedded financial software for FIs at FinovateFall 2017.

“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 said. “This means a small business owner can spend more time being the CEO of their business and less time being the CFO,” he added. Royal Bank of Canada is the largest bank in the country based on market capitalization ($113 billion). The bank’s 81,000 employees serve more than 16 million retail, business, public sector, and institutional banking clients in Canada, the U.S., and in 35 other countries.

Founded in 2010 and headquartered in Toronto, Ontario, Canada, Wave demonstrated its embedded financial software for FIs last month at FinovateFall 2017. The company has raised more than $79 million in total funding, and includes NAB Ventures, BDC IT Ventures, and CRV among its investors. In June, 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.