The app will offer money management solutions, such as a new dashboard with business insights such as profit and loss overviews, mobile invoicing, and integrated mobile banking.
Wave CEO Zahir Khoja said there has been “explosive growth” in entrepreneurship, but small businesses have been underserved even now. He said the company’s app was supposed to help bridge the gap with digital tools to add more inclusion and accessibility.
“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.”
And Alo Mukerji, VP of Product with Wave, said the mobile app would help small business owners with goals of expanding their digital footprint so they can work faster.
It comes as the Small Business Administration’s recent research shows that small businesses make up two-thirds of new jobs, delivering 43.5% of the U.S. GDP.
Brian O’Connor with JPMorgan Chase, who wrote in the new PYMNTS eBook “What’s Your Plan? Payments Strategies for a Strong 2022 Finish,” has said embedded financial services will be important for small businesses in the current economy.
He said the bank’s focus would be on partnering with platform providers to help deliver the embedded finance services. They want to be there when small-to-midsize business (SMB) clients need them, letting those companies focus more on growing their businesses as the platform providers focus on setting up frictionless banking and providing various other financial upgrades.
It comes as companies have had to reevaluate business practices due to economic concerns, with companies seeing pressure if their business models were fueled by investment dollars when interest rates were low. And as inflation is high, smaller businesses and platform providers have seen pressure to access sales proceeds and redeploy funds.