Canadian cloud fintech firm Wave has raised $24m in a Series D funding led by venture capital arm of National Australia Bank (NAB).

Royal Bank of Canada, American venture firms CRV and Social Capital, global funds OurCrowd and HarbourVest, as well as Canadian investors OMERS Ventures, BDC IT Venture Fund, BDC Capital, and Portag3 also participated in the fundraiser.

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Wave, which was founded in 2010, offers cloud-based financial management software including accounting, invoicing, and payroll for small businesses with up to 10 employees.

The investment gives NAB Ventures a minority stake in the startup’ and also opportunity to appoint an observer to the Wave board.

Commenting on the equity investment, NAB Ventures general partner Melissa Widner said: “We were impressed with how Wave’s offering gives entrepreneurs the tools they need to be successful, along with the fact their invoicing and accounting software are free with customers able to purchase additional financial services to suit their requirements as needed.

“As the largest business bank in Australia with over 450,000 small and medium business customers, we are interested in any emerging technologies in this space that provide customers with a connected experience.”

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Wave co-founder and CEO Kirk Simpson said: “We all know that small businesses power the global economy, and nobody understands Australian small businesses better than NAB. We look forward to exploring together how to serve those business owners better.

“We also believe that innovative partnerships between technology companies and world-class banks will lead to transformative solutions in the market. In NAB and RBC, Wave has forward-looking, innovative bank partners on two continents, opening the door to those transformations,” he said.