Back in 2017, NAB Ventures announced they were investing in Canadian fintech startup Wave, leading a series D funding round worth A$32M. It turns out that investment was a good one, with the company now being acquired in an impressive deal worth A$583 million.
Wave are being acquired by accounting and tax-prep firm H&R Block. Wave offers simple, easy to use financial services, born out of a frustration with existing accounting, invoicing and receipt-tracking solutions, all the way back in 2010.
NAB Ventures smashed it out of the park with this investment, the first exit for the AU$100 million fund.
“It’s been a privilege to work with CEO and Co-Founder Kirk, Peter and the team. This successful outcome is the result of over a decade of exceptional work and tenacity from the entire Wave team. NAB Ventures is delighted to have such a successful exit so early in our fund.”
Managing Director, NAB Ventures, Melissa Widner
Wave’s services are currently used by over 400,000 small businesses every month and more than 500,000 customers globally. In 8 years, the company grew from 8 to 250 employees.
“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’s Executive General Manager, Digital and Innovation, Jonathan Davey
The transaction is expected to close within the next few months, subject to regulatory approval and customary closing conditions. When the deal closes, Wave will operate as an independent subsidiary from H&R Block with current CEO Kirk Simpson.
At this point, it may be worth a look at NAB Venture’s other investments and monitor them to see if they’re as successful. The benchmark is now set pretty high.
