Toronto-based Wave, a Canadian financial technology (fintech) firm that offers financial management software to small businesses, has received $ 32 million CAD ($ 23.8 million) in capital from investors including the Royal Bank of Canada (RBC), Exhibition Capital and National Australia Bank (NAB).

Other investors in Wave include Portag3 and PowerCorp, who joined existing backers Social Capital, BDC Capital, CRV, Omers Ventures, Harbourvest and OurCrowd in this strategic fundraising round.

The fintech company says it will use the new money to accelerate product development. It particularly wants to invest further in its use of artificial intelligence (AI) and machine learning techniques in order to automate basic accounting functions and give analytics-based insights to its customers about how they can grow.

Wave offers small businesses financial management software that can integrate invoicing, payments, loans, payroll and receipt management functions in order to improve oversight, accounting procedures and cash flow and management activities.

The seven year old firm now employs 150 people. It claims it has more than 2.5 million end users around the world and is adding 60,000 new firms every month to its platform.

“We’re proud to support Wave as they continue to bring solutions to market for entrepreneurs in Canada and around the world,” said Mike Dobbins, head of strategy and corporate development at RBC. “This investment is part of our commitment to support the scale up of emerging fintech companies in our economy, recognizing the critical role they play in Canada’s Innovation agenda.”

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