TORONTO, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Wave, the one-stop money management solution for small business owners, today announced the launch of the Wave mobile app, its newly redesigned mobile experience that puts powerful, on-the-go money management solutions, including no-fee business banking, in the palm of small business owners’ hands. Starting today, the company will begin its phased rollout of the new app specifically created for this underserved yet critical market.
According to the Small Business Administration’s (SBA’s) 2021 report, small businesses create two-thirds of new jobs, and deliver 43.5% of the United States’ gross domestic product (GDP). And yet, there are very few money management solutions designed to solve the unique needs and pain points of microbusiness owners.
“The past years saw explosive growth in entrepreneurship; however, we continue to see small businesses being underserved by traditional banking solutions. The new Wave mobile app is designed to help bridge this gap,” said Zahir Khoja, CEO of Wave. “When solo entrepreneurs, freelancers, and independent business owners can get access to higher-quality digital bookkeeping, small business banking solutions, and get paid faster, it helps them improve the performance of their businesses, and helps their families and communities thrive. Our new app is not just a great set of digital tools, but a way to drive financial inclusion and make the opportunities of entrepreneurship more accessible to anyone with a great business idea and a willingness to work hard.”
The Wave app combines comprehensive mobile invoicing and payments tools with no-fee business banking—all in one place. The enhanced app gives service-based microbusinesses like freelancers, consultants, and contractors, the power to monitor their financial health, and improve the efficiency and professionalism of their operations, without the need for a traditional banking relationship.
The app redesign was driven by Wave customer feedback¹, which found that 70% of mobile users would be more likely to use an app if they could use it to accomplish more financial tasks in Wave while on-the-go. When customers were asked which functionalities were most important when accessing Wave from a mobile device, “creating and sending invoices” (78%), “viewing payments and payout details” (70%), and “viewing reports such as income and expenses, cash flow, etc.” (61%) were top choices.
Key features and benefits of the revamped Wave app include:
- A new dashboard: The app’s new dashboard delivers at-a-glance business insights, including profit and loss overviews, and invoicing stats—plus a Task List to help crush procrastination and finish quick tasks that can’t wait until later.
- Total mobile invoicing: The new Wave mobile app lets business owners customize and send invoices, accept online payments, and send reminders on-the-go.
- Integrated mobile banking: The new app includes Wave’s no-fee business bank account, Wave Money, with on-the-go check deposit, income-tracking, and free Instant Payouts. In addition to the physical Wave Money Visa® Business Debit Card, the app includes a virtual version so small business owners can make online purchases or add their card to a digital wallet, instantly.
“Today’s small business owners are demanding a higher level of support for mobile payments and invoicing so they can expand their digital footprint and serve customers anytime from anywhere,” said Alo Mukerji, VP, Product of Wave. “In particular, solopreneurs must work fast and remain nimble. With the Wave mobile app, they can easily see how their business is doing, quickly send invoices to customers to stay organized, and get paid faster, with digital banking capabilities that are easy to use and right-sized for their business needs.”
To learn more, visit waveapps.com or download the new Wave mobile app on the App Store or Google Play.
About Wave
Wave Financial Inc. (waveapps.com) combines powerful money management tools with no-fee business banking built for service-based small businesses. Wave’s comprehensive platform includes accounting, banking, invoicing, payroll, and payments software solutions, as well as bookkeeping services. Wave Money, a no-fee business bank account, provides small business owners with quick access to payments and their bookkeeping is managed automatically. Over 300,000 small businesses use Wave’s small business software. Wave has won awards for growth, innovation, and company culture, including Deloitte Fast 50, Deloitte North American Fast 500, KPMG Fintech 100, CB Insights Fintech 250, Canadian Innovation Awards (Financial Services), Canada’s Best Workplaces and many more. Wave is a subsidiary of H&R Block. Follow @WaveHQ for the latest news, insights and updates.
Banking services provided by Community Federal Savings Bank, member FDIC. The Wave Money Visa® Debit Card is issued by Community Federal Savings Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
Media Contact for Wave:
Juliet Travis
Liftoff Communications
juliet@liftoffcommunications.com
1Based on 800 responses to a in-product survey of Wave invoicing users in US (June 2021)
