Wave Accounting has raised CDN $5 million in series A financing, led by Charles River Ventures (CRV), with the participation of OMERS Ventures. Wave’s immediate plans include ongoing application development, as well as the launch of a complementary payroll application later this year.

Based in Toronto, Canada, WaveAccounting.com currently tracks almost $2.5 billion of small business income and spending for nearly 75,000 customers in 18 countries around the world. Wave focuses on small businesses with nine employees or less. It was launched around 11 months ago.

Wave is free for its customers, and generates revenue by offering advertising and group buying opportunities. American Express, Dell and Grand & Toy are among Wave’s advertising partners to date.