NAB Ventures leads $32 million funding for Canadian fintech firm

NAB Ventures led a US$24 million (AU$32 million) series D funding round for cloud fintech firm Wave. The latter, based in Canada, delivers financial management software like payroll, invoicing and accounting.

Melissa Widner, NAB Ventures’ general partner, said that the bank is interested in any emerging technologies that offer a connected experience to customers. NAB has more than 450,000 small and medium business customers, making it one of the largest banks in Australia.

Wave co-founder and chief executive Kirk Simpson said that nobody understands small business in Australia better than NAB. He added that they are looking forward to explore how to serve businesses better alongside the bank.

“We also believe that innovative partnerships between technology companies and world-class banks will lead to transformative solutions in the market,” Simpson added as per Money Management. The firm also offers financial services such as credit card processing and lending.

Following the funding, NAB Ventures would have the power to assign an observer to the Wave board. The series D funding round also included funding from Silicon Valley venture firms CRV and Social Capital, Royal Bank of Canada (RBC), global funds OurCrowd and Harbourvest. It also included funding from investors like BDC Capital, OMERS Ventures and BDC IT Venture Fund.

Wave targets businesses with lesser than 10 employees. It has two and a half million small business customers in more than 200 countries across the world. In Australia, Wave has 35,000 active users.

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Source: NAB Ventures leads $32 million funding for Canadian fintech firm – International Business Times