Wave, a Toronto-based financial software provider for entrepreneurs and small business owners, has announced a significant growth milestone, achieving more than 3.5 million registered business owners.
This was one of many milestones announced by the company, which is considered an innovator in financial management software. Wave has now processed more than $3 billion for customers through their software’s payment and payroll services, with 70,000 new small business clients added every month.
“By focusing on small and micro businesses, rather than “small-and-medium” businesses, we’ve been able to attract a very specific yet massive and underserved audience,” says Kirk Simpson, CEO and co-founder of Wave. “We’ve also been able to develop a popular suite of tools made just for entrepreneurs, and with the foundation we’ve put in place over eight years, our pace of innovation and growth is accelerating.”
The company currently has 185 employees and plans to grow as they meet goals and expand their innovations. Wave is focused on one innovation in particular, bringing machine learning to its financial management software. Machine learning capabilities will be embedded into the platform’s bookkeeping function, enabling the platform to learn from each individual customer and automatically categorize their transactions.
“Next, we’re working on applying ML technology to provide deep business insights for our customers, and we’re exploring interesting applications in credit scoring and lending to fix cash flow challenges for entrepreneurs across North America,” says Simpson.
Recognized last year in the Canadian Innovation Awards, Wave has been picking up momentum for quite some time, and as today’s announcement makes clear, it doesn’t show any signs of stopping.