Overview
Wave Accounting is a free accounting platform founded in July 2009 in Toronto by Kirk Simpson (CEO) and James Lochrie (CPO). The company was acquired by H&R Block for $537M CAD (~$405M USD) in July 2019 and later acquired Every (2019). Wave serves 3.5+ million users in 200+ countries from its East Bayfront Toronto headquarters.
Highlights
- Free model innovation: Core accounting/invoicing completely free
- Revenue model: Monetizes through Payments by Wave and Payroll by Wave
- H&R Block acquisition: $537M CAD deal providing tax expertise integration
- Target market: Micro-businesses and sole proprietors (1-9 employees)
- Democratization philosophy: Making financial tools accessible to smallest businesses
- Global reach: 3.5+ million users in 200+ countries
- Use cases: Basic bookkeeping, invoicing, receipt scanning, payroll, payment processing for solopreneurs
Founded
July 2009 in Toronto, Canada. Founded by Kirk Simpson (CEO) and James Lochrie (CPO).
Headquarters
Toronto, Canada.
Ownership and funding
Acquired by H&R Block for $537M CAD (~$405M USD, July 2019). Acquired Every (2019).
Core technology
Free accounting software model, core accounting and invoicing completely free. Revenue from Payments by Wave and Payroll by Wave.
Market position
Micro-businesses and sole proprietors (1 to 9 employees); 3.5M+ users in 200+ countries.
Product philosophy
Democratizing financial tools for small businesses through a freemium model.