VC-backed Wave Financial sold for $405m

Venture Capital-backed FinTech Wave Financial is set to be sold to consumer tax services provider H&R Block for $405m in cash.

Wave provides cloud-based financial management software with integrated financial services to business owners around the world.

The platform offering includes payment processing, payroll services, and bookkeeping services, among others. More than 400,000 small businesses across 200 counties use the platform every month, Wave says.

NAB led a $32m Series D funding round for the business back in 2017, with participation from the Royal Bank of Canada, OMERS Ventures, CRV, Social Capital, OurCrowd, Harbourvest, BDC IT Venture Fund, BDC Capital and Portag3.

The deal is expected to close in the next few months, subject to closing conditions.

NAB executive general manager of digital and innovation Jonathan Davey said, “We are thrilled with the signing of this agreement. Wave is a leading global accounting platform for micro-businesses used by over 400,000 small businesses globally.

“Their success was built on the company’s ability to understand the needs of small business owners and to service them accordingly. This ‘early’ exit really speaks to the quality of the product offering and we couldn’t be more pleased with the outcome.”

NAB launched its A$100m fund three years ago to invest in technology companies in Australia and abroad.

Its previous portfolio investments have included data fintech platform Basiiq and PayTech Veem and property investment platform BrickX.

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