Wave Financial Inc, H&R Block Company Strengths, Domain Expertise, and Key Differentiators
Wave is a provider of financial software and services tailored specifically to micro- and small businesses. Wave offers free, award-winning invoicing, accounting and receipt scanning software and mobile apps, plus affordable payment processing, lending and payroll services. Wave's strength comes from its focus on the needs of small- and micro-businesses. Wave provides complete, accountant-approved (double-entry) accounting software, without the jargon and without requiring accounting training to be able to use the tools properly.
In May 2018, Wave introduced Ownr, a new service for business registrations in Canada. Ownr offers Canadian business owners an easy path to register their businesses as sole proprietorships or corporations in minutes. Later in September 2018, Wave unveiled Machine Learning capabilities, embedded into Wave’s bookkeeping functionality. The smart technology learns from the individual Wave customer, as well as from nearly a billion transactions that Wave manages, to automatically categorize transactions in a customer’s bookkeeping records. Also, the same period Wave launched a comprehensive bookkeeping service for their customers, Wave+, who need hands-on assistance with their financial management. This period of changes was closed by changing their logo and a completely redesigned visual identity for all Wave’s applications and services.
Wave Financial Inc, H&R Block Company Recent Developments
In September 2019 Wave Financial has launched the Wave BTC Income & Growth Digital Fund, Ltd, the first crypto derivatives-based yield fund on the market. Wave BTC Income & Growth Digital Fund is a British Virgin Islands incorporated fund that holds Bitcoin (BTC). The investment objective is to generate yield by selling call options on BTC held in the Fund. The Fund expects such option sales to generate attractive premiums due to BTC's high volatility, which should provide a stream of income that can be paid out monthly.
The Fund aims to distribute a dividend of 1.5% of NAV per month, which, if achieved, would result in an 18% target annual yield. Excess premium above the target yield, minus a performance fee, would be credited back to the Fund to purchase more BTC, contributing to the growth of NAV. The Fund would generate this premium by selling call options with strikes higher than the current price, which also leaves room for investors to capture potential BTC upside. Fidelity Digital Assets will provide custody for the Fund's BTC.
In May 2018, Wave partnered with Microsoft allowing users to make payments within their Outlook inbox. Invoices sent by small businesses using Wave can be paid right when they’re received in Outlook. The integration will roll out gradually to select Wave customers.
Wave Financial Inc, H&R Block Company Mergers and Acquisitions (M&A) Activities
In 2019, Wave acquired Every, a FinTech startup that provides business accounts and debit cards to small businesses. The financial terms of the transaction were not disclosed.
In July 2019 H&R Block acquired Wave Financial. The purchase price of $405 million was funded with available cash. Wave will maintain its leadership team, including co-founder and CEO Kirk Simpson, operating independently within H&R Block from its headquarters in Toronto, Ontario.
Wave Financial Inc, H&R Block Company Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Wave Financial Inc, H&R Block Company applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Wave Financial Inc, H&R Block Company and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Wave Cloud, customers.
Wave Financial Inc, H&R Block Company Overview
Ownership: - x
Number of Employees: 250
Functional Markets: ERP Financial Management,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Oil and Gas, Professional Services, Retail, Transportation, Utilities,
Wave Financial Inc, H&R Block Company Key Enterprise and Cloud Applications
Wave Financial Inc, H&R Block Company Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Wave Financial Inc, H&R Block Company Revenue Breakdown By Type, $M:
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Wave Financial Inc, H&R Block Company Enterprise Applications Revenues By Functional Markets, $M:
Wave Financial Inc, H&R Block Company Enterprise Applications Revenues By Verticals, $M:
Wave Financial Inc, H&R Block Company Revenues By Region, $M
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Wave Financial Inc, H&R Block Company Direct vs Indirect sales
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Wave Financial Inc, H&R Block Company Customers - Breakdown by Geo, Size, Vertical and Product
No. of Wave Financial Inc, H&R Block Company Customers: x
No. of Wave Financial Inc, H&R Block Company Enterprise Applications Customers: 3.5 million
No. of Wave Financial Inc, H&R Block Company Cloud Customers: 3.5 million
No. of Wave Financial Inc, H&R Block Company Cloud Subscribers: 3.5 million
With nearly 3.5 million users on its platform and counting, Wave is signing up 70,000 small business customers each month, and currently tracks $200+ billion in small business income and spending. Among Wave’s customers are entrepreneurs like Lisa Smith, a Las Vegas jazz singer and founder of Geek Girls in Vegas, a company that provides website and graphic design services to other Vegas entertainers.
Wave Financial Inc, H&R Block Company Market Opportunities, M&A and Geo Expansions
In May 2019 Wave Financial has launched an algorithmic, rules-based index that tracks nearly all of the cryptocurrency market. The Wave Select 20 Index provides exposure to the top 20 cryptocurrencies weighted by market capitalization, excluding privacy tokens and stablecoin, and rebalances monthly. The index currently captures over 93% of the total cryptocurrency market capitalization and aims to provide superior pure beta (market) exposure. The index’s largest components include current market leaders, such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Its smallest holdings include a number of fringe currencies, such as Basic Attention Token (BAT) and NEM (XEM). The index is constructed to be tradable and was designed using a rigorous framework to reduce turnover and risk, and Wave monitors the index holdings monthly to ensure that it includes the largest crypto assets by market capitalization. Select 20 excludes stable coins pegged to fiat currencies, as they do not move with the market. The index also excludes privacy coins to avoid exposure to regulatory issues in certain countries. Given the evolving nature of digital assets and decisions made by blockchain project leaders, Select 20 also accounts for the future possibility of forking and airdrops of index components. In the event that a fork occurs to a cryptocurrency, the value of the fork will be included in the index as an additional token until the next rebalancing date, when it can be rebalanced out of the index. If the value of the token is less than 15% of the value of the main chain, uncertain or cannot be determined, it will be calculated at zero value.
The wave continues to expand the scope of financial management tasks that can be done on its platform. Having already connected invoicing, credit card payments, bank payments, accounting, insights and reporting, expense tracking, payroll, lending and credit, Wave will continue to grow aggressively in areas of cash flow management and automation. Wave secured $24 million from Australian–based NAB Ventures in May 2017, followed by a collaboration with banking giant RBC announced in October to integrate invoicing, accounting, and business financial insights into RBC’s online banking platform. The funding round also saw investments from Silicon Valley 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. With its partnerships and integrations with ADP and RBC already in hand, Wave is also poised to roll out additional deep, strategic partnerships with providers of small business financial services, creating further synergies, and making it even easier for small business owners to manage their business finances.
Wave Financial Inc, H&R Block Company Risks and Challenges
Sustaining its growth will be Wave’s next challenge as it aims to keep up with a slew of Cloud accounting applications vendors that have been aggressively pushing into adjacent markets such as country-level payroll, eCommerce and CRM. Extending Wave’s reach through a growing network of accountants is also a top priority.
Wave Financial Inc, H&R Block Company Ecosystem, Partners, Resellers and SI
Wave sales through direct and indirect partners.
Wave Financial Inc, H&R Block Company Cloud Infrastructure Insights
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Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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