NAB has been a frontrunner of fintech investment
Big Four bank NAB makes yet another fintech play.
Australian banking major NAB has thrown millions into Canadian accounting fintech Wave in a Series D funding round.
The move shows that big banks increasingly see the value added in cloud accounting and that software companies are warming to financial services as a growth market.
Wave delivers cloud-based financial management software - particularly accounting and payroll - to small businesses. It targets companies with fewer than 10 employees and has over 2,500,000 customers around the world.
NAB markets itself as the banking major for small businesses and currently hosts more SME customers than any of the other big four.
The funding round included money from the Royal Bank of Canada (RBC), several Silicon Valley venture capitalists and Canadian private investors.