Wave Financial

Wave Financial

Financial software solutions for small businesses

About Wave Financial

Simplify's Rating
Why Wave Financial is rated
B-
Rated C on Competitive Edge
Rated B on Growth Potential
Rated B on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

201-500

Company Stage

Acquired

Total Funding

$98.1M

Headquarters

Toronto, Canada

Founded

2009

Overview

Wave Financial provides financial software solutions specifically designed for small businesses, freelancers, and independent contractors. Their main products include invoicing, accounting, and receipt scanning, which are offered for free, making it accessible for users who want to manage their finances without the high costs associated with traditional accounting software. Wave generates revenue through optional paid features, such as payment processing and payroll services, which allow clients to accept payments and manage employee payroll efficiently. The software is designed to work together seamlessly, giving users a comprehensive view of their financial health. Unlike competitors like QuickBooks, Wave focuses on user-friendliness and affordability, aiming to empower small businesses to handle their finances effectively.

Simplify Jobs

Simplify's Take

What believers are saying

  • 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.

What critics are saying

  • 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.

What makes Wave Financial unique

  • 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.

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Funding

Total Funding

$98.1M

Below

Industry Average

Funded Over

8 Rounds

Acquisition funding comparison data is currently unavailable. We're working to provide this information soon!
Acquisition Funding Comparison
Coming Soon

Benefits

Remote Work Options

Health Insurance

Wellness Program

Professional Development Budget

Flexible Work Hours

Paid Holidays

Paid Sick Leave

Company News

PYMNTS
Apr 4th, 2024
Workflow Automation, Flexible Financing Top This Week In B2B Innovation

It is a testament to the business-to-business (B2B) landscape that firms tend to pivot toward, and not away, from it. After all, you hear a lot more about one-time business-to-consumer (B2C) firms embracing B2B channels than vice-versa. But that doesn’t mean that the B2B landscape, for all its attractions, is an easy one to thrive within. Fortunately, a suite of modern innovations is transforming the landscape by helping B2B firms solve long-standing legacy frictions, as well as keep an eye on what can’t be controlled for — at least not yet. That’s why PYMNTS keeps an ear to the ground, listening for all of the latest initiatives. The top themes we heard this week were around the benefits of workflow automation; the need of smaller firms for flexible financing solutions; and why operational visibility is at its most important when uncertainty is the only certainty

PYMNTS
Apr 3rd, 2024
Wave Teams With Check To Upgrade Small Business Payroll

Payroll infrastructure company Check has teamed with Wave, a money management platform for small businesses. The collaboration, announced Wednesday (April 3), will let the more than 300,000 small businesses using Wave access “full-service payroll functionality” in all 50 U.S. states. “Payroll has long been a growth hurdle for small businesses due to its complexity,” Check said in a news release. “There are 11,000 U.S. payroll jurisdictions, and the administrative burdens that come with proper tax calculation, form filing, and remittance can be stifling for small business owners who are often wearing multiple hats across HR, marketing and more.”

Business Wire
Apr 3rd, 2024
Check To Power Wave’S Expanded Payroll Offering

NEW YORK--(BUSINESS WIRE)--Check, the leading payroll infrastructure company that pioneered the ability for platforms to embed payroll into their products, today announced its partnership with Wave, the one-stop money management platform for small business owners. Over 300,000 small businesses that use Wave will soon have access to best-in-class full-service payroll functionality across all 50 U.S. states.Payroll has long been a growth hurdle for small businesses due to its complexity. There are 11,000 U.S. payroll jurisdictions, and the administrative burdens that come with proper tax calculation, form filing, and remittance can be stifling for small business owners who are often wearing multiple hats across HR, marketing and more. Check’s API abstracts the complexity required to both build and run payroll

TechRepublic
Mar 4th, 2024
Wave Accounting Review (2024): Pricing, Features, Pros & Cons

As of 2024, Wave has introduced a second paid plan that gives small businesses the option to scale up with Wave as they grow.

BetaKit
Jan 29th, 2024
After years of providing free accounting and invoicing software, Wave rolls out paid model

Last March, Wave laid off approximately 50 employees or 14 percent of its team.

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