Waave is a fintech company based out of Australia. Waave is claimed to be the first B2B and B2C payment platform using open banking. Open banking is using APIs to build applications and services around a given financial institution. This means that the risk of data breaches are greatly lowered as no data is needed such as passwords, as it relies solely on APIs to operate.
Pay by Bank is the product Waave offers; they claim to operate with every Australian bank being regulated by the AUSTRAC. Their plug-and-play product allows integration with tools such as Shopify, WordPress, and WooCommerce. This product allows users to pay with their bank accounts rather than a credit or debit card.
According to an article released by Waave, the open banking market is predicted to grow to $48B by 2026. Open banking would cut merchant fees by up to 80% by eliminating the middleman and fees associated with them. Co-founder Mark Connolly stated that Waave would charge a flat fee of a mere $0.28, a drastic decrease from the typical dollars charged to use cards.
$4.7M Raised In A Seed Round
A recent seed round found large support for the fintech company with names like Morten Belling, Menulog director, and Jack Gance, founder of Chemist Warehouse, who also joins Waave as an advisor said StartupDaily.
Waave has seen drastic support from investors who align with its vision of “modernising direct debit by bringing into the 21st century.”