Wave Financial, H&R Block Company Acknowledged as a Key HR Software Provider by APPS RUN THE WORLD in the HCM Top 500 Market Report

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489 Wave Financial, H&R Block Company

Wave Financial, 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 unveiled 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, in 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, H&R Block Company Recent Developments

In January 2024, Wave Financial, based in Toronto, implemented a new tiered pricing strategy, initiating charges for customers utilizing its accounting and invoicing software. Previously, the FinTech firm, owned by H&R Block, provided its accounting and invoicing tools at no cost, while monetizing its payroll, payments, and tax coaching services. Wave continued to offer a free version of its money management software for small businesses, alongside a new monthly subscription plan with expanded capabilities, both offering optional add-ons for an additional fee.

In June 2020, Wave Financial launched Wave Money a first-of-its-kind small business banking and bookkeeping solution, with no banking fees, built-in bookkeeping, and instant access to your money. Wave Money, along with Wave’s financial management software, empowers small business owners to take control of their finances while creating more time for them to spend on their core business.

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, H&R Block Company Mergers and acquisitions (M&A) Activities

In March 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, 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, 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, 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 Accounting, Wave Payroll, Wave Advisors, Wave Invoicing, Wave Payments, Wave Money customers.

Wave Financial, H&R Block Company Key Cloud and HCM Applications

Wave Accounting, Wave Payroll, Wave Advisors, Wave Invoicing, Wave Payments, Wave Money

Wave Financial, H&R Block Company HCM and Cloud HCM Applications Revenues, $M:

Type/Year20222023YoY Growth, %
Total Revenues, $M Subscribe Subscribe Subscribe
HCM Applications Revenues, $M Subscribe Subscribe Subscribe

* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** 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, H&R Block Company Revenue Breakdown by Type:

TypeLicenseServicesHardwareS&MSaaSPaaSIaaSOtherTotal
% of Total Revenues Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe 100%
Revenues, $M Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe

Wave Financial, H&R Block Company Total and HCM Applications Revenues by Region:

Region% of Total Revenues2023 Total Revenues, $M2023 HCM Applications Revenues, $M
Americas Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe
Total Subscribe Subscribe Subscribe

Wave Financial, H&R Block Company Direct vs Indirect sales

RegionDirect SalesIndirect SalesTotal
Type % Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe

Wave Financial, H&R Block Company Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Wave Financial, H&R Block Company Customers


No. of Wave Financial, H&R Block Company Customers: 500000

No. of Wave Financial, H&R Block Company HCM Applications Customers: x

No. of Wave Financial, H&R Block Company Cloud HCM Customers: x

No. of Wave Financial, H&R Block Company Cloud HCM Subscribers: 3.5 million


Wave Financial has more than 500,000 customers and 3,5 million users around the world. Among its customers are Glanaer, Kanteronstack, HourStack, Ripcord Design, Hongineer, Power4Teens, Happy Pops, Pomarosa and many others.

Wave Financial, H&R Block Company Market Opportunities, M&A and Geo Expansions

In June 2022, Kirk Simpson, CEO of Wave Financial Inc. for 12 years, stepped down, and Zahir Khoja succeeded him. With extensive experience in fintech and financial services, Khoja held leadership positions at MasterCard for nearly a decade, ultimately reaching Executive Vice President, Global Merchant Solutions and Partnerships. At Wave, Khoja reports to Jeff Jones, President and CEO of H&R Block, as a member of Block's Senior Leadership Team.

In May 2019, Wave Financial launched the Wave Select 20 Index, an algorithmic, rules-based index tracking nearly all cryptocurrencies. This index offers exposure to the top 20 cryptocurrencies by market capitalization, excluding privacy tokens and stablecoins, with monthly rebalancing. Capturing over 93% of the total cryptocurrency market capitalization, it aims to provide superior pure beta exposure. Major components include Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), alongside smaller holdings like Basic Attention Token (BAT) and NEM (XEM).

In May 2017, Wave secured a $24 million investment from NAB Ventures, based in Australia. In October of the same year, Wave announced a collaboration with banking giant RBC to integrate invoicing, accounting, and business financial insights into RBC's online banking platform. This funding round also included investments from Silicon Valley venture firms CRV and Social Capital, as well as global funds OurCrowd and Harbourvest. Additionally, Canadian investors OMERS Ventures, BDC IT Venture Fund, BDC Capital, and Portag3 participated in the round.

Wave Financial, H&R Block Company Risks and Challenges

Introducing a new pricing strategy at Wave Financial may turn away some of its potential customers and reflect negatively on the overall company growth.

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, H&R Block Company Ecosystem, Partners, Resellers and SI

Wave implements a diverse sales strategy that encompasses both direct sales and partnerships with indirect channels. Through direct sales initiatives, Wave directly engages with customers, providing tailored solutions and facilitating transactions. Concurrently, Wave collaborates with a network of indirect partners, including resellers, distributors, and value-added partners.

In June 2021, Criptonite AM, an innovative Swiss wealth management company partnered with Wave Financial. Criptonite and Wave will address the increasing demand from European investors for new, secure, and regulated crypto-asset investment products, targeting qualified investors across Switzerland providing diversified crypto investment solutions through regulated Actively Managed Certificates (AMC) focused on growth and income.

Wave Financial, H&R Block Company Cloud Platform (PaaS) and Infrastructure (IaaS) Details

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Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.


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).


For additional information on our methodologies, here's the link:

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