National Australia Bank and Royal Bank of Canada have joined a US$24 million funding round for Wave, a Toronto-based provider of financial management software for small businesses.The investment arm of PowerCorp, Portag3, and Exhibition Ventures also joined the strategic round, alongside existing investors CRV, Social Capital, BDC Capital, Omers Ventures, Harbourvest and OurCrowd.

Launched in 2010, Wave offers cloud-based finance management software to small firms, integrating invoicing, payments, lending, payroll and receipt management into a double-entry accounting system.

The firm says that it has more than two-and-a-half million users around the world and is attracting 60,000 new businesses to its ecosystem every month.

Having already doubled its headcount in the last year, Wave says it will use the new money to drive product development, with AI and machine learning algorithms helping it to automate basic accounting functions and provide insights to help businesses grow.

Mike Dobbins, head, strategy and corporate development, RBC, says: “This investment is part of our commitment to support the scale up of emerging fintech companies in our economy, recognising the critical role they play in Canada’s Innovation agenda.”