Wave, a financial services and software firm, as per a recent press release statement, announced the acquisition of Every, a fintech firm headquartered in Toronto, renowned as a business account and debit card provider to SMEs.
Financial details of the said acquisition deal were not disclosed. Furthermore, details about the staff at Every, and what will happen to them were also not shared. However, Wave does plans to bring in more financial products and services to expand its offering.
Although, Wave being impressed with the team at Every, whose vision is to simplify small business banking, claims they both envision an entrepreneurial world allowing entrepreneurs to focus on what they love, while their finances just take care of themselves.
The Toronto-based Every is currently available in the US markets in a limited beta version. According to Wave’s website, the company has $77 million in investments and more than $200 billion in income and expenses. Additionally, Wave also claims to have a customer base of more than 3.5 million and over $20 billion in annually sent invoices. Being founded in 2009 by Kirk Simpson and James Lochrie, Wave was officially launched in 2010 and has a staff of more than 200 personnel.
Earlier, in 2017, Wave entered an agreement with Royal Bank of Canada to integrate its invoicing, accounting, and business financial insights tech into the bank’s online banking platform.